It is a projection/opinion and not a statement of fact. The Quantitative Fair Value Estimate is calculated daily. The Quantitative Fair Value Estimate is based on a statistical model derived from the Fair Value Estimate MorningstarвЂ™s equity analysts assign to companies which includes a financial forecast of the company. Quantitative Fair Value Estimate represents MorningstarвЂ™s estimate of the per share dollar amount that a companyвЂ™s equity is worth today. For detail information about the Morningstar Star Rating for Stocks, please visit here Past performance of a security may or may not be sustained in future and is no indication of future performance. Investments in securities are subject to market and other risks. If our base-case assumptions are true the market price will converge on our fair value estimate over time, generally within three years. A 5-star represents a belief that the stock is a good value at its current price a 1-star stock isn't. This process culminates in a single-point star rating that is updated daily. Four components drive the Star Rating: (1) our assessment of the firmвЂ™s economic moat, (2) our estimate of the stockвЂ™s fair value, (3) our uncertainty around that fair value estimate and (4) the current market price. Morningstar assigns star ratings based on an analystвЂ™s estimate of a stock's fair value. It is projection/opinion and not a statement of fact.

The Morningstar Star Rating for Stocks is assigned based on an analyst's estimate of a stocks fair value.

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