Data Dashboard SCA N T R IGGE R LAU NCH DATA Download MorningstarAR from the App Store or Google Play, and navigate to "Morningstar Magazine." Morningstar Global Valuation Lens Most markets were undervalued as of September, particularly emerging markets such as Chile and Singapore. Greater Europe -0.8% < -5.0% U.S. 11.4% Greater Asia -0.1% -4.9 to -0.1% 0.0% Fairly Valued Undervalued > 5.0% 0.1 to 4.9% Overvalued Price/Fair Value by Country 09/30/2020 Finland 6.4% Norway -8.2% Canada -8.6% U.K. -7.1% France 5.0% United States 11.4% Sweden 5.2% China 9.1% Poland -17.7% Italy -9.7% Pakistan -14.6% Japan -4.0% South Korea -7.5% Mexico -5.3% Hong Kong -7.8% India 4.2% Colombia -20.6% Brazil -7.1% New Zealand 12.7% South Africa -7.8% Australia 10.4% Chile -20.1% Argentina -13.1% Under- and Overvalued Countries 09/30/2020 Undervalued Overvalued P/FV Switzerland Netherlands Nepal India Portugal Taiwan France Sweden Finland Morocco China Australia United States New Zealand Denmark Saudi Arabia Jordan Hungary Colombia Chile Belgium Singapore Bulgaria Austria Poland Mauritius Romania Croatia Russia Greece Egypt Iran Pakistan Côte d'Ivoire Sri Lanka Israel Argentina Nigeria Jamaica Tunisia United Arab Emirates Bangladesh Philippines Thailand Italy Zimbabwe Spain Qatar Indonesia Canada Vietnam Norway Hong Kong South Africa South Korea United Kingdom Brazil Mexico Japan Kenya Turkey Malaysia Germany +50.0% A percentage of 0.0 connotes fairly valued 0.0 -50.0 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. 90 Morningstar Q4 2020