Data Dashboard Morningstar Global Valuation Lens Greater Asia -24.9% U.S. -19.5% Greater Europe -20.8% < -5.0% Undervalued Price/Fair Value by Country 06/30/2022 Finland -22.9% Norway -16.3% Canada -14.5% France -14.2% U.K. -18.1% United States -19.5% Mexico -14.9% India -14.5% Colombia -30.1% Singapore -19.4% New Zealand -9.6% South Africa -23.1% Chile -23.0% Argentina -24.8% Australia -12.5% Hong Kong -32.2% Italy -26.4% Sweden -24.4% China -23.0% Poland -33.5% Pakistan -27.8% South Korea -31.7% Japan -19.2% -4.9 to -0.1% 0.0% Fairly Valued 0.1 to 4.9% > 5.0% Overvalued Monthly Price/Fair Value by Region 06/30/2022 Greater Europe U.S. Greater Asia +100.0% P/FV 50.0 2011 A percentage of 0.0 connotes fairly valued 2012 2013 -19.5 -24.9 -20.8 -50.0 2014 2015 2016 2017 2018 2019 2020 2021 2022 Country fair-value ratios are derived from P/FV ratios on underlying stocks in those nations, generated primarily from estimates by Morningstar analysts, or, when an analyst estimate isn't available, a fair value generated using Morningstar's quantitative equity ratings. The data is then adjusted to account for market capitalization. Some countries are omitted due to outliers in the data: less than a $10,000 three-month median-dollar-trading volume or fewer than 20 total stocks that clear the screens. Stocks that trade for 50 cents or less a share are also removed. Uncertainty attempts to measure the confidence Morningstar analysts have in a company's ability to generate future cash flows. 0.0 74 Morningstar Q3 2022