Morningstar Magazine - June/July 2018 - 106

Data Dashboard

Morningstar Global Valuation Lens
Global valuations continue to trend downward in 2018. Some of 2017's best-performing markets, such
as Chile and South Korea, are close to fairly valued, and Greece and Poland are undervalued. Nordic markets
Finland, Norway, and Sweden are among the priciest.
Greater Asia -1.1%

< -5.0%

Greater Europe 2.6%

U.S. -0.1%

-4.9 to -0.1%

0.0%

> 5.0%

0.1 to 4.9%

Fairly Valued

Undervalued

Overvalued

Price/Fair Value by Country 04/30/2018
Finland 15.0%
Norway 8.4%
Canada 0.1%

U.K. 2.7%
France 7.8%
Spain -4.3%

United States -0.1%
Mexico 0.2%

Russia 2.3%
Sweden 5.2%
China -2.4%

Poland -2.2%
Greece -2.4%

Saudi Arabia 3.5%

Pakistan -1.2%

Qatar 0.4%

Japan -0.9%
South Korea 1.2%
Taiwan 3.8%

Colombia 9.9%
Brazil 6.7%

India 5.6%
New Zealand 1.2%

South Africa 3.7%

Australia 13.4%

Chile 2.1%
Argentina 6.0%

Under- and Overvalued Countries 04/30/2018
Undervalued

P/FV

Overvalued

A percentage of 0.0 connotes fairly valued

Germany
Canada
Mexico
Netherlands
Qatar
New Zealand
South Korea
United Arab Emirates
Chile
Russia
Denmark
United Kingdom
Austria
Singapore
Belgium
Saudi Arabia
Malaysia
Egypt
South Africa
Indonesia
Taiwan
Thailand
Portugal
Italy
Sweden
India
Argentina
Brazil
Vietnam
France
Romania
Norway
Nigeria
Peru
Colombia
Australia
Finland

Spain
Bulgaria
Hong Kong
Switzerland
China
Greece
Poland
Philippines
Bangladesh
Pakistan
Turkey
Japan
Israel
United States

+20.0%

0.0

-20.0

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.

106

Morningstar June/July 2018



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