Data Dashboard SCA N T R IG GE R LAU NCH DATA Download MorningstarAR from the App Store or Google Play, and navigate to "Morningstar Magazine." Morningstar Global Valuation Lens Overall, global markets remain undervalued by Morningstar's measure, but rebounds in the first quarter boosted price/fair value ratios. The U.S. is close to fairly valued. Greater Europe -1.9% Greater Asia -3.9% < -5.0% U.S. -0.4% -4.9 to -0.1% 0.0% Fairly Valued Undervalued > 5.0% 0.1 to 4.9% Overvalued Price/Fair Value by Country 03/31/2019 Finland 5.9% Norway -2.4% Canada -2.8% U.K. -4.4% France 3.8% Mexico -0.8% China 0.3% Poland -2.6% Italy -7.2% United States -0.4% Russia 2.3% Sweden -0.1% Greece -4.5% Pakistan -4.4% Japan -7.0% South Korea -10.3% Saudi Arabia 2.8% Hong Kong -8.5% India 4.0% Colombia -5.3% Brazil 4.2% Sri Lanka -11.5% South Africa -2.7% New Zealand 9.3% Australia 10.8% Chile -1.1% Argentina 13.8% Under- and Overvalued Countries 03/31/2019 Undervalued P/FV Overvalued A percentage of 0.0 connotes fairly valued Switzerland China Thailand Vietnam Russia Philippines Jamaica Malaysia Saudi Arabia United Arab Emirates Qatar Taiwan France India Brazil Indonesia Peru Finland Morocco New Zealand Australia Argentina Sri Lanka Belgium South Korea Tunisia Egypt Iran Hong Kong Bulgaria Iraq Italy Germany Japan Austria Spain Turkey Jordan Colombia Singapore Netherlands Greece Pakistan United Kingdom Nigeria Canada South Africa Poland Norway Kenya Romania Israel Chile Portugal Hungary Mexico Croatia Denmark United States Sweden +25.0% 0.0 -25.0 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. 98 Morningstar Summer 2019