German (DAX) Market Analysis & Valuation

UpdatedJul 26, 2024

DataAggregated Company Financials

Companies733

7D-1.0%
3M-2.5%
1Y-0.5%
YTD2.4%

Over the last 7 days, the market has remained flat, although notably the Information Technology sector gained 3.8% in that time. In line with that, the market has also been flat over the past year. As for the next few years, earnings are expected to grow by 20% per annum.

Trending IndustriesOil and Gas Biotech Software Renewable Energy

Market Valuation and Performance

Has the German Market valuation changed over the past few years?

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Fri, 26 Jul 2024	€2.2t	€2.7t	€110.2b	17.5x	19.8x	0.8x
Sun, 23 Jun 2024	€2.2t	€2.7t	€110.6b	17.2x	19.6x	0.8x
Tue, 21 May 2024	€2.3t	€2.7t	€110.1b	17.7x	20.6x	0.8x
Thu, 18 Apr 2024	€2.2t	€2.8t	€119.1b	17.1x	18.6x	0.8x
Sat, 16 Mar 2024	€2.2t	€2.8t	€121.3b	16x	18.4x	0.8x
Mon, 12 Feb 2024	€2.1t	€2.9t	€152.2b	16.1x	14.1x	0.8x
Wed, 10 Jan 2024	€2.1t	€2.9t	€146.5b	16.2x	14.7x	0.8x
Fri, 08 Dec 2023	€2.1t	€2.9t	€147.7b	16x	14.5x	0.7x
Sun, 05 Nov 2023	€2.0t	€2.9t	€160.8b	15.8x	12.6x	0.7x
Tue, 03 Oct 2023	€2.1t	€3.0t	€131.2b	16x	15.8x	0.7x
Thu, 31 Aug 2023	€2.1t	€3.0t	€131.9b	16.2x	16.3x	0.7x
Sat, 29 Jul 2023	€2.2t	€3.0t	€138.5b	17.1x	16.1x	0.7x
Mon, 26 Jun 2023	€2.1t	€3.0t	€140.4b	17.2x	15.3x	0.7x
Wed, 24 May 2023	€2.2t	€3.0t	€136.8b	17.3x	16x	0.7x
Fri, 21 Apr 2023	€2.2t	€3.0t	€147.2b	17.1x	15.1x	0.7x
Sun, 19 Mar 2023	€2.0t	€2.9t	€146.7b	16x	13.8x	0.7x
Tue, 14 Feb 2023	€2.1t	€2.6t	€173.4b	15.9x	12.4x	0.8x
Thu, 12 Jan 2023	€2.1t	€2.6t	€172.9b	16.2x	12x	0.8x
Sat, 10 Dec 2022	€2.0t	€2.6t	€173.3b	16.1x	11.4x	0.8x
Mon, 07 Nov 2022	€1.9t	€2.6t	€169.6b	15.1x	11.1x	0.7x
Wed, 05 Oct 2022	€1.8t	€2.5t	€169.0b	14.4x	10.7x	0.7x
Fri, 02 Sep 2022	€1.8t	€2.5t	€162.4b	15.2x	10.9x	0.7x
Sun, 31 Jul 2022	€1.9t	€2.6t	€159.2b	16.7x	12x	0.7x
Tue, 28 Jun 2022	€1.9t	€2.6t	€159.3b	16.4x	11.7x	0.7x
Thu, 26 May 2022	€2.0t	€2.6t	€159.6b	17.4x	12.6x	0.8x
Sat, 23 Apr 2022	€2.1t	€2.5t	€143.5b	18.7x	14.6x	0.8x
Mon, 21 Mar 2022	€2.2t	€2.5t	€144.7b	19.3x	14.9x	0.9x
Wed, 16 Feb 2022	€2.3t	€2.4t	€142.4b	20.2x	16.1x	1x
Fri, 14 Jan 2022	€2.4t	€2.3t	€141.2b	21.6x	16.9x	1x
Sun, 12 Dec 2021	€2.3t	€2.3t	€141.3b	20.2x	16.5x	1x
Tue, 09 Nov 2021	€2.4t	€2.3t	€120.9b	22.8x	20x	1.1x
Thu, 07 Oct 2021	€2.3t	€2.2t	€114.5b	22.5x	20.1x	1x
Sat, 04 Sep 2021	€2.4t	€2.2t	€115.3b	22.6x	20.7x	1.1x
Mon, 02 Aug 2021	€2.3t	€2.2t	€115.3b	21.6x	20.2x	1x

Price to Earnings Ratio

20.2x

Mon, 02 Aug 2021

Current Market PE

Investors are optimistic on the German market, and appear confident in strong long term growth rates.

The market is trading at a PE ratio of 19.8x which is higher than its 3-year average PE of 15.3x.

Past Earnings Growth

The earnings for German listed companies have remained mostly flat over the last three years.
Meanwhile revenues have grown 6.5% per year.
This means that although more sales are being generated, either the cost of doing business or the level of investment back into businesses has increased and as a result, profits have held steady.

Sector Trends

Which sectors have driven the changes within the German Market?


DE Market	-0.99%
Tech	3.82%
Utilities	0.25%
Healthcare	-0.30%
Telecom	-0.34%
Energy	-0.62%
Real Estate	-0.77%
Financials	-1.87%
Materials	-1.88%
Industrials	-2.05%
Consumer Staples	-2.86%
Consumer Discretionary	-3.34%

Sector PE

Investors favour the Healthcare sector the most for future growth, which is trading above its 3-year average PE ratio of 57.3x.

The market's confidence is likely because analysts are expecting annual earnings growth of 21.1% which is higher than its past year's earnings decline of 2.6% per year.

Forecasted Growth

Analysts are most optimistic on the Real Estate sector, expecting annual earnings growth of 95% over the next 5 years.
This is better than its past earnings decline of 5.0% per year.

In contrast, the Financials sector is expected to see its earnings grow by 7.5% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

Company	Last Price	7D	1Y	Valuation	Sector
SAP SAP	€195.22	7.6% +€17.4b	58.0%	PE89x	Tech
MRK Merck KGaA	€155.30	3.8% +€2.5b	-3.1%	PE24.8x	Healthcare
BAYN Bayer	€27.53	4.8% +€1.2b	-47.5%	PS0.6x	Healthcare
EOAN E.ON	€12.84	3.7% +€1.2b	11.6%	PE28.3x	Utilities
FRE Fresenius SE KGaA	€31.86	6.3% +€1.1b	10.7%	PE57.5x	Healthcare

Market Insights

Finding Value In The Semiconductor Supply Chain

Richard Bowman

July 2024

5 comments

Over the last few weeks, we covered the three types of semiconductor chips, namely memory, logic and analog chips. This week we are taking a look at the companies that play a role in manufacturing those chips...