Data Dashboard Morningstar Global Valuation Lens Greater Asia -22.5% U.S. -15.1% Greater Europe -17.9% < -5.0% Undervalued Price/Fair Value by Country 12/31/2022 Finland -16.9% Norway -20.7% Canada -13.9% France -10.2% Poland -29.9% United States -15.1% Mexico -15.6% India -8.5% Colombia -33.3% Singapore -16.9% New Zealand -7.5% South Africa -22.9% Chile -23.3% Argentina -20.1% Australia -7.5% Hong Kong -34.9% Italy -18.9% Pakistan -26.1% South Korea -30.7% Japan -18.0% Sweden -20.5% China -18.1% -4.9 to -0.1% 0.0% Fairly Valued 0.1 to 4.9% > 5.0% Overvalued Monthly Price/Fair Value by Region 12/31/2022 +100.0% A percentage of 0.0 connotes fairly valued 50.0 U.S. -15.1 0.0 -50.0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 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. Greater Europe -17.9 Greater Asia -22.5 74 Morningstar Q1 2023 P/FV