Narrative Update • Aug 21
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German (DAX) Capital Markets Industry Analysis
UpdatedAug 27, 2026
DataAggregated Company Financials
Companies114
- 7D4.3%
- 3M17.1%
- 1Y14.6%
- YTD14.2%
The Capital Markets industry is up 1.8% in the last week, with Deutsche Bank up 6.2%. In the same time, More Impact was down 30%. This takes the industry's 12 month performance to a gain of 11%. As for the next few years, earnings are expected to grow by 7.7% per annum.
Industry Valuation and Performance
Has the German Capital Markets Industry valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Thu, 27 Aug 2026 | €146.6b | €56.5b | €9.8b | 14.9x | 15x | 2.6x |
| Sat, 25 Jul 2026 | €133.0b | €55.6b | €9.6b | 14.4x | 13.9x | 2.4x |
| Mon, 22 Jun 2026 | €130.4b | €55.3b | €9.5b | 14.8x | 13.8x | 2.4x |
| Wed, 20 May 2026 | €123.7b | €55.4b | €9.5b | 13.7x | 13x | 2.2x |
| Fri, 17 Apr 2026 | €126.6b | €54.1b | €9.5b | 15.5x | 13.3x | 2.3x |
| Sun, 15 Mar 2026 | €118.2b | €54.1b | €9.6b | 13.8x | 12.4x | 2.2x |
| Tue, 10 Feb 2026 | €126.2b | €53.0b | €9.9b | 12.5x | 12.8x | 2.4x |
| Thu, 08 Jan 2026 | €128.2b | €53.7b | €8.7b | 14.2x | 14.6x | 2.4x |
| Sat, 06 Dec 2025 | €123.5b | €53.5b | €8.7b | 14.7x | 14.1x | 2.3x |
| Mon, 03 Nov 2025 | €123.5b | €53.2b | €8.6b | 15.9x | 14.4x | 2.3x |
| Wed, 01 Oct 2025 | €122.8b | €53.2b | €8.9b | 16.9x | 13.8x | 2.3x |
| Fri, 29 Aug 2025 | €128.0b | €52.9b | €8.9b | 16.7x | 14.4x | 2.4x |
| Sun, 27 Jul 2025 | €124.1b | €51.4b | €8.1b | 21.6x | 15.4x | 2.4x |
| Tue, 24 Jun 2025 | €117.3b | €49.7b | €6.4b | 23.8x | 18.4x | 2.4x |
| Thu, 22 May 2025 | €124.6b | €49.6b | €6.3b | 22.8x | 19.7x | 2.5x |
| Sat, 19 Apr 2025 | €109.9b | €48.5b | €5.7b | 25.6x | 19.3x | 2.3x |
| Mon, 17 Mar 2025 | €113.2b | €51.1b | €6.7b | 19.4x | 16.9x | 2.2x |
| Wed, 12 Feb 2025 | €102.0b | €48.2b | €5.6b | 18.9x | 18.2x | 2.1x |
| Fri, 10 Jan 2025 | €94.2b | €48.8b | €6.7b | 19.5x | 14.2x | 1.9x |
| Sun, 08 Dec 2024 | €92.2b | €51.8b | €6.7b | 20.1x | 13.8x | 1.8x |
| Tue, 05 Nov 2024 | €88.6b | €51.6b | €6.8b | 21.4x | 13.1x | 1.7x |
| Thu, 03 Oct 2024 | €86.2b | €51.1b | €6.2b | 22.8x | 13.9x | 1.7x |
| Sat, 31 Aug 2024 | €84.0b | €51.2b | €6.2b | 26.4x | 13.6x | 1.6x |
| Mon, 29 Jul 2024 | €81.4b | €50.9b | €6.5b | 20.7x | 12.6x | 1.6x |
| Wed, 26 Jun 2024 | €82.7b | €50.2b | €7.3b | 20.2x | 11.3x | 1.6x |
| Fri, 24 May 2024 | €85.1b | €50.1b | €7.4b | 19.5x | 11.6x | 1.7x |
| Sun, 21 Apr 2024 | €83.0b | €49.5b | €7.3b | 22.1x | 11.4x | 1.7x |
| Tue, 19 Mar 2024 | €79.6b | €50.4b | €8.8b | 21.3x | 9.1x | 1.6x |
| Thu, 15 Feb 2024 | €75.7b | €45.2b | €7.1b | 23.4x | 10.7x | 1.7x |
| Sat, 13 Jan 2024 | €77.5b | €49.1b | €7.7b | 24.6x | 10.1x | 1.6x |
| Mon, 11 Dec 2023 | €75.1b | €49.2b | €7.7b | 22x | 9.7x | 1.5x |
| Wed, 08 Nov 2023 | €68.8b | €49.0b | €7.7b | 20.9x | 9x | 1.4x |
| Fri, 06 Oct 2023 | €67.1b | €48.4b | €7.6b | 20.4x | 8.8x | 1.4x |
| Sun, 03 Sep 2023 | €68.7b | €47.2b | €6.7b | 22.8x | 10.2x | 1.5x |
Price to Earnings Ratio
10.2x
Current Industry PE
- Investors are relatively neutral on the German Capital Markets industry at the moment, indicating that they anticipate long term growth rates to remain steady.
- The industry is trading close to its 3-year average PE ratio of 13.5x.
- The 3-year average PS ratio of 2.0x is lower than the industry's current PS ratio of 2.5x.
Past Earnings Growth
- The earnings for companies in the Capital Markets industry have grown 13% per year over the last three years.
- Revenues for these companies have grown 6.2% per year.
- This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.
Industry Trends
Which industries have driven the changes within the German Financials industry?
| DE Market | 0.84% | |
| Financials | 3.29% | |
| Capital Markets | 4.29% | |
| Diversified Capital Markets | 6.21% | |
| Financial Exchanges and Data | 3.23% | |
| Asset Management | 2.29% | |
| Investment Banking and Brokerage | 1.65% | |
Industry PE
- Investors are most optimistic about the Financial Exchanges and Data industry which is trading above its 3-year average PE ratio of 21.5x.
- Analysts are expecting annual earnings growth of 7.0%, which is lower than the prior year's growth of 157.9% per year.
- Investors are most pessimistic about the Diversified Capital Markets industry, although it looks like investor sentiment has improved given that it's trading above its 3-year average of 9.1x.
Forecasted Growth
- Analysts are most optimistic on the Investment Banking and Brokerage industry, expecting annual earnings growth of 13% over the next 5 years.
- However this is lower than its past earnings growth rate of 74% per year.
- In contrast, the Financial Exchanges and Data industry is expected to see its earnings grow by 7.0% 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 | |
|---|---|---|---|---|---|
| DBK Deutsche Bank | €34.63 | 6.2% +€3.7b | 14.1% | PE10.6x | |
| DB1 Deutsche Börse | €286.90 | 3.2% +€1.6b | 12.2% | PE24.5x | |
| DWS DWS Group GmbH KGaA | €75.25 | 3.3% +€480.0m | 40.3% | PE14.8x | |
| FTK flatexDEGIRO | €36.88 | 5.3% +€199.0m | 28.8% | PE20.4x | |
| MLP MLP | €9.55 | 12.6% +€116.7m | 36.2% | PE15.1x |