Data Dashboard Morningstar Global Valuation Lens Greater Asia -16.6% U.S. -9.1% Greater Europe -11.2% < -5.0% Undervalued Price/Fair Value by Country 03/31/2023 Finland -14.1% Norway -21.5% Canada -10.5% France -0.2% Poland -22.7% United States -9.2% Mexico -9.4% India -7.2% Colombia -32.4% Singapore -11.4% New Zealand -2.7% South Africa -20.6% Chile -21.7% Argentina -25.4% Australia -5.8% Hong Kong -29.1% Italy -14.1% Pakistan -26.3% South Korea -22.4% Japan -12.7% Sweden -13.6% China -12.8% -4.9 to -0.1% 0.0% Fairly Valued 0.1 to 4.9% > 5.0% Overvalued Monthly Price/Fair Value by Region 03/31/2023 +100.0% A percentage of 0.0 connotes fairly valued 50.0 U.S. -9.1 0.0 -50.0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 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. Greater Europe -11.2 Greater Asia -16.6 74 Morningstar Q2 2023 P/FV