Data Dashboard Morningstar Global Valuation Lens Most developed markets were pricey at the end of March, notably France and New Zealand. Hong Kong and Singapore were pockets of value. Greater Asia 2.6% < -5.0% -4.9 to -0.1% 0.0% Undervalued Greater Europe 8.9% U.S. 10.7% > 5.0% 0.1 to 4.9% Overvalued Fairly Valued Price/Fair Value by Country 03/31/2021 Finland 12.0% Norway 1.6% Canada 1.4% U.K. 1.5% France 21.1% United States 10.7% Sweden 17.4% China 7.2% Poland -5.8% Italy 6.5% Pakistan -6.1% Japan 3.4% South Korea 7.2% Mexico 6.3% Hong Kong -5.2% India 15.1% Colombia -5.2% Singapore -4.3% New Zealand 19.8% South Africa 4.7% Australia 16.9% Chile -5.4% Argentina -7.4% Under- and Overvalued Countries 03/31/2021 Undervalued Overvalued P/FV Bangladesh Spain Turkey Peru Portugal Nigeria Vietnam Canada United Kingdom Norway Belgium Japan United Arab Emirates South Africa Germany Mexico Italy China South Korea Switzerland United States Finland Morocco Denmark Netherlands India Australia Sweden New Zealand France Saudi Arabia Hungary Jordan Mauritius Argentina Tunisia Pakistan Sri Lanka Egypt Poland Chile Colombia Hong Kong Iraq Bulgaria Taiwan Singapore Thailand Romania Austria Greece Israel Qatar Russia Malaysia Philippines Nepal Kenya Jamaica Indonesia +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. 74 Morningstar Q2 2021