Morningstar: KBC Groep | Vlaamse Federatie van Beleggers

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(64) . Morningstar Research Methodology for Valuing Companies Price/Fair Value. 2XU UHFRPPHQGHG PDUJLQ RI VDIHW\ ZLGHQV DV our uncertainty of the estimated value of the eqXLW\LQFUHDVHV7KHPRUHXQFHUWDLQZHDUHDERXW WKHHVWLPDWHGYDOXHRIWKHHTXLW\WKHJUHDWHUWKH GLVFRXQW ZH UHTXLUH UHODWLYH WR RXU HVWLPDWH RI WKH YDOXH RI WKH īUP EHIRUH ZH ZRXOG UHFRPPHQGWKHSXUFKDVHRIWKHVKDUHV,QDGGLWLRQWKH uncertainty rating provides guidance in portfolio FRQVWUXFWLRQEDVHGRQULVNWROHUDQFH 2XUXQFHUWDLQW\UDWLQJVIRURXUTXDOLWDWLYHDQDO\VLV DUHORZPHGLXPKLJKYHU\KLJKDQGH[WUHPH. 2.75. • 1 Star. — 175%. — —155%. 2.25. 1.75. • 2 Star. — 135%. —125% 105% —. — 95% 1.25. 80% —. —. 110% —. —. 70% —. — 90%. 125% —. 115% — — 85% —. • 3 Star. • 4 Star. — 80% 60% —. 50% — • 5 Star. 0.75. 0.25. 3Low:PDUJLQRIVDIHW\IRUVWDUUDWLQJLVD. GLVFRXQWDQGIRUVWDUUDWLQJLVSUHPLXP. Low. Medium. High. Very High *. * Occasionally a stock’s uncertainty will be too high for us to estimate, in which case we label it Extreme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



(67) Morningstar Equity Research. Research Methodology for Valuing Companies. Two Stars QQ. :HEHOLHYHLQYHVWRUVDUHOLNHO\WRUHFHLYHDOHVV WKDQIDLUULVNDGMXVWHGUHWXUQ. Quantitative Valuation:8VLQJWKHEHORZWHUPVLQWHQGHG WR GHQRWH WKH UHODWLRQVKLS EHWZHHQ WKH VHFXULW\ŒV Last Price and Morningstar’s quantitative fair value estimate for that security.. One Star Q ,QGLFDWHV D KLJK SUREDELOLW\ RI XQGHVLUDEOH ULVN 3Undervalued:/DVW3ULFHLVEHORZ0RUQLQJVWDUŒVTXDQWLDGMXVWHG UHWXUQV IURP WKH FXUUHQW PDUNHW SULFH tative fair value estimate. RYHUDPXOWL\HDUWLPHIUDPHEDVHGRQRXUDQDO\- 3Farily Valued: /DVW 3ULFH LV LQ OLQH ZLWK 0RUQLQJVWDUŒV VLV 6FHQDULR DQDO\VLV E\ RXU DQDO\VWV LQGLFDWHV quantitative fair value estimate. WKDWWKHPDUNHWLVSULFLQJLQDQH[FHVVLYHO\RSWL- 3Overvalued:/DVW3ULFHLVDERYH0RUQLQJVWDUŒVTXDQWLWDPLVWLFRXWORRNOLPLWLQJXSVLGHSRWHQWLDODQGOHDY- tive fair value estimate. LQJWKHLQYHVWRUH[SRVHGWR&DSLWDOORVV Risk Warning. 2WKHU'HīQLWLRQV Last Price:3ULFHRIWKHVWRFNDVRIWKHFORVHRI WKHPDUNHWRIWKHODVWWUDGLQJGD\EHIRUHGDWHRI the report. Stewardship Rating:5HSUHVHQWVRXUDVVHVVPHQW. RI PDQDJHPHQWŒV VWHZDUGVKLS RI VKDUHKROGHU FDSLWDOZLWKSDUWLFXODUHPSKDVLVRQFDSLWDODOORcation decisions. Analysts consider companies’ LQYHVWPHQW VWUDWHJ\ DQG YDOXDWLRQ īQDQFLDO OHYHUDJHGLYLGHQGDQGVKDUHEX\EDFNSROLFLHVH[HFXWLRQ FRPSHQVDWLRQ UHODWHG SDUW\ WUDQVDFWLRQV DQG DFFRXQWLQJ SUDFWLFHV &RUSRUDWH governance practices are only considered if they’ve had a demonstrated impact on shareholder value. Analysts assign one of three ratLQJVœ([HPSODU\Ŕœ6WDQGDUGŔDQGœ3RRUŔ$QDO\VWVMXGJHVWHZDUGVKLSIURPDQHTXLW\KROGHUŒV SHUVSHFWLYH5DWLQJVDUHGHWHUPLQHGRQDQDEVROXWH EDVLV 0RVW FRPSDQLHV ZLOO UHFHLYH D 6WDQGDUG UDWLQJ DQG WKLV LV WKH GHIDXOW UDWLQJ LQ WKH DEVHQFH RI HYLGHQFH WKDW PDQDJHUV KDYH PDGH H[FHSWLRQDOO\ VWURQJ RU SRRU FDSLWDO allocation decisions.. 3OHDVHQRWHWKDWLQYHVWPHQWVLQVHFXULWLHVDUHVXEMHFW WRPDUNHWDQGRWKHUULVNVDQGWKHUHLVQRDVVXUDQFHRU JXDUDQWHHWKDWWKHLQWHQGHGLQYHVWPHQWREMHFWLYHVZLOO EHDFKLHYHG3DVWSHUIRUPDQFHRIDVHFXULW\PD\RUPD\ QRWEHVXVWDLQHGLQIXWXUHDQGLVQRLQGLFDWLRQRIIXWXUH performance. A security investment return and an inYHVWRUŒVSULQFLSDOYDOXHZLOOĬXFWXDWHVRWKDWZKHQUHGHHPHG DQ LQYHVWRUŒV VKDUHV PD\ EH ZRUWK PRUH RU less than their original cost. A security’s current investPHQWSHUIRUPDQFHPD\EHORZHURUKLJKHUWKDQWKHLQYHVWPHQWSHUIRUPDQFHQRWHGZLWKLQWKHUHSRUW0RUQLQJVWDUŒV 8QFHUWDLQW\ 5DWLQJ VHUYHV DV D XVHIXO GDWD SRLQWZLWKUHVSHFWWRVHQVLWLYLW\DQDO\VLVRIWKHDVVXPStions used in our determining a fair value price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