Data Dashboard Morningstar Global Valuation Lens China went from overpriced to undervalued. A handful of markets remain pricey, including Australia and New Zealand. Greater Asia -8.4% < -5.0% Undervalued Price/Fair Value by Country 09/30/2021 Finland 3.7% Norway 1.2% Canada -2.5% France 20.9% U.K. -1.9% United States 6.1% Mexico -1.0% India 11.0% Colombia -11.7% Singapore -12.2% New Zealand 13.9% South Africa -7.7% Chile -20.1% Argentina -6.4% Under- and Overvalued Countries 09/30/2021 Overvalued Undervalued A percentage of 0.0 connotes fairly valued Australia 11.3% Hong Kong -19.8% Italy 1.1% Sweden 6.7% Poland -7.6% Pakistan -14.2% China -5.4% South Korea -9.8% Japan -2.5% -4.9 to -0.1% 0.0% Fairly Valued 0.1 to 4.9% U.S. 6.1% Greater Europe 7.2% > 5.0% Overvalued P/FV +50.0% 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 2021 Iran Peru Sri Lanka Chile Hong Kong Turkey Iraq Egypt Pakistan Taiwan Mauritius Singapore Colombia Jordan Vietnam Indonesia South Korea Tunisia Côte d'Ivoire Russia Bulgaria Jamaica Brazil Bangladesh Nepal Belgium South Africa Poland Hungary Romania Nigeria Malaysia Argentina Greece Croatia Qatar China Thailand Spain Philippines Israel Kuwait Canada Japan Austria United Kingdom Portugal Mexico Italy Norway Kenya Iceland United Arab Emirates Germany Finland Saudi Arabia United States Sweden Switzerland Netherlands Morocco India Australia New Zealand Denmark France