Data Dashboard Morningstar Global Valuation Lens Some developed markets-including the U.S.-were overvalued as of November 2021. China was undervalued. Greater Asia -9.1% < -5.0% Undervalued Price/Fair Value by Country 11/30/2021 Finland 0.4% Norway -3.4% Canada -2.6% France 29.5% U.K. -3.1% United States 8.2% Mexico -1.8% India 6.8% Colombia -10.5% Singapore -16.3% New Zealand 10.4% South Africa -10.2% Chile -27.5% Argentina -4.5% Under- and Overvalued Countries 11/30/2021 Overvalued Undervalued Australia 12.1% Hong Kong -20.2% Italy 4.7% Sweden 8.0% China -4.0% Poland -13.0% Pakistan -19.5% South Korea -13.4% Japan -7.2% -4.9 to -0.1% 0.0% Fairly Valued 0.1 to 4.9% Greater Europe 9.2% U.S. 8.2% > 5.0% Overvalued P/FV +50.0% 0.0 A percentage of 0.0 connotes fairly valued -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 Q1 2022 Iran Peru Iraq Chile Egypt Hong Kong Pakistan Jamaica Sri Lanka Bulgaria Tunisia Brazil Jordan Nepal Singapore Bangladesh Turkey Mauritius Taiwan Russia South Korea Poland Vietnam United Arab Emirates Côte d'Ivoire Romania Colombia Indonesia South Africa Croatia Hungary Nigeria Greece Malaysia Thailand Spain Japan Qatar Kuwait Philippines Argentina Kenya China Israel Norway United Kingdom Canada Austria Mexico Iceland Saudi Arabia Germany Finland Belgium Morocco Portugal Italy India Sweden United States Netherlands New Zealand Australia Switzerland Denmark France