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German (DAX) Market Analysis & Valuation

UpdatedAug 02, 2026
DataAggregated Company Financials
Companies778
  • 7D1.8%
  • 3M3.6%
  • 1Y4.2%
  • YTD0.9%

Over the last 7 days, the market has risen 1.8%, driven by gains of 5.6% in the Information Technology sector. Meanwhile, the Utilities sector has underperformed, shrinking 3.1% in that time. The market is up 4.1% over the last 12 months. Earnings are forecast to grow by 15% annually.

Trending IndustriesOil and GasBiotechSoftwareRenewable Energy

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 02 Aug 2026€2.6t€2.6t€129.2b17.2x20.4x1x
Tue, 30 Jun 2026€2.6t€2.6t€126.9b17x20.2x1x
Thu, 28 May 2026€2.7t€2.6t€126.9b17.3x21x1x
Sat, 25 Apr 2026€2.6t€2.6t€126.0b17.8x20.5x1x
Mon, 23 Mar 2026€2.4t€2.6t€100.0b17.2x24.3x0.9x
Wed, 18 Feb 2026€2.7t€2.7t€106.9b17.4x25x1x
Fri, 16 Jan 2026€2.7t€2.7t€103.6b18.3x26x1x
Sun, 14 Dec 2025€2.6t€2.7t€103.7b17.8x25x1x
Tue, 11 Nov 2025€2.5t€2.7t€99.8b17.7x25.4x0.9x
Thu, 09 Oct 2025€2.6t€2.7t€101.6b18.6x25.7x1x
Sat, 06 Sep 2025€2.6t€2.7t€101.8b18.6x25.1x1x
Mon, 04 Aug 2025€2.5t€2.7t€101.8b18.5x25x1x
Wed, 02 Jul 2025€2.6t€2.7t€103.7b19.1x24.6x0.9x
Fri, 30 May 2025€2.6t€2.7t€103.4b18.6x25x1x
Sun, 27 Apr 2025€2.5t€2.7t€111.7b18.1x22.1x0.9x
Tue, 25 Mar 2025€2.5t€2.7t€129.8b18.1x19.5x0.9x
Thu, 20 Feb 2025€2.5t€2.7t€112.2b17.1x22.6x0.9x
Sat, 18 Jan 2025€2.4t€2.7t€114.2b16.3x20.6x0.9x
Mon, 16 Dec 2024€2.3t€2.7t€114.1b16x20.3x0.9x
Wed, 13 Nov 2024€2.2t€2.7t€111.2b15.4x20x0.8x
Fri, 11 Oct 2024€2.3t€2.7t€119.2b16.4x19.1x0.8x
Sun, 08 Sep 2024€2.2t€2.7t€119.6b16.5x18.1x0.8x
Tue, 06 Aug 2024€2.1t€2.7t€110.3b16.6x18.8x0.8x
Thu, 04 Jul 2024€2.2t€2.7t€111.3b17.9x19.7x0.8x
Sat, 01 Jun 2024€2.2t€2.7t€110.9b17.6x20.2x0.8x
Mon, 29 Apr 2024€2.3t€2.8t€120.1b16.7x18.7x0.8x
Wed, 27 Mar 2024€2.3t€2.8t€122.1b16.9x18.7x0.8x
Fri, 23 Feb 2024€2.2t€2.9t€151.2b15.8x14.5x0.8x
Sun, 21 Jan 2024€2.1t€2.9t€146.5b16.1x14.4x0.7x
Tue, 19 Dec 2023€2.2t€2.9t€147.6b16.2x14.7x0.8x
Thu, 16 Nov 2023€2.1t€5.7t€386.7b16.1x5.4x0.4x
Sat, 14 Oct 2023€2.0t€3.0t€131.4b15.8x15.5x0.7x
Mon, 11 Sep 2023€2.1t€3.0t€131.2b16.1x16.2x0.7x
Wed, 09 Aug 2023€2.1t€3.0t€142.1b16.2x15.1x0.7x
Price to Earnings Ratio

15.1x


Total Market Cap: €2.1tTotal Earnings: €142.1bTotal Revenue: €3.0tTotal Market Cap vs Earnings and Revenue0%0%0%
German Market Price to Earnings3Y Average 20.6x202420252026
Current Market PE
  • Investors are relatively neutral on the German market at the moment, indicating that they expect earnings will grow in line with historical growth rates.
  • The market is trading close to its 3-year average PE ratio of 20.6x.
Past Earnings Growth
  • The earnings for companies in the German industry have declined 3.3% per year over the last three years.
  • Revenues have also declined 4.0% per year.
  • This means overall sales from these companies are declining and profits are subsequently falling as well.

Sector Trends

Which sectors have driven the changes within the German Market?

DE Market1.75%
Tech5.61%
Healthcare3.22%
Financials1.75%
Industrials1.65%
Consumer Staples1.56%
Telecom1.29%
Real Estate1.01%
Consumer Discretionary0.59%
Materials0.40%
Utilities-3.10%
Energy-5.39%
Sector PE
  • Investors favour the Materials sector the most for future growth even though it's trading below its 3-year average PE ratio of 62.2x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 18.3%, which is higher than its past year's earnings growth of 5.3% per year.
  • The Real Estate sector is the least preferred by investors for future growth. Although, investor sentiment seems to have improved given that it's trading above its 3-year average.
Forecasted Growth
  • Analysts are most optimistic on the Energy sector, expecting annual earnings growth of 39% over the next 5 years.
  • However this is lower than its past earnings growth rate of 135% per year.
  • In contrast, the Real Estate industry is expected to see its earnings growth to stay flat over the next few years.

Top Stock Gainers and Losers

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

CompanyLast Price7D1YValuationSector
SAP SAP€157.6812.5%
+€20.2b		-35.5%PE23.3xTech
SIE Siemens€282.653.8%
+€7.9b		32.7%PE28.5xIndustrials
RHM Rheinmetall€1.14k9.9%
+€4.8b		-33.2%PE50.5xIndustrials
DBK Deutsche Bank€31.884.2%
+€2.4b		13.5%PE9.8xFinancials
DTG Daimler Truck Holding€48.946.4%
+€2.2b		25.2%PE31.6xIndustrials
See more

Market Insights

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Latest News

ADS
€159.40
adidas
7D
-8.2%
1Y
-4.7%
SHA0
€7.09
Schaeffler
7D
-11.2%
1Y
43.9%
SAP
€157.68
SAP
7D
12.5%
1Y
-35.5%
SHL
€36.86
Siemens Healthineers
7D
5.1%
1Y
-20.6%
HEI
€161.00
Heidelberg Materials
7D
-4.3%
1Y
-16.3%
Narrative Update • Jul 30

HEI: Efficiency Gains From Fleet Technology Rollout Will Drive Re Rating Potential

Analysts now set their price target for Heidelberg Materials at €218.90, compared with a prior fair value estimate of €225.37. This reflects updated views on modestly higher revenue growth, a slightly lower profit margin and a small adjustment to the assumed future P/E multiple.
RHM
€1,140.00
Rheinmetall
7D
9.9%
1Y
-33.2%
DBK
€31.88
Deutsche Bank
7D
4.2%
1Y
13.5%
BAYN
€48.05
Bayer
7D
4.3%
1Y
70.9%
ALV
€432.50
Allianz
7D
1.3%
1Y
29.5%
Narrative Update • Jul 28

ALV: Future Singapore Deal And Buybacks May Support Re Rating

Analysts have lifted their fair value estimate for Allianz to €571.26 from €558.36, reflecting slightly higher revenue growth expectations, a modestly higher future P/E multiple, and recent price target increases from €388 to €411.70 and to €430 in Street research. Analyst Commentary Recent Street research on Allianz points to a more constructive tone around the stock.
ENR
€147.44
Siemens Energy
7D
-2.6%
1Y
50.6%
Narrative Update • Jul 28

ENR: Gas Power Contracts And Buyback Will Drive Future Upside Potential

Analysts have nudged their fair value estimate for Siemens Energy higher from €195.08 to €199.08, reflecting updated assumptions that include a lower discount rate and slightly firmer expectations for revenue growth, profit margin and future P/E multiples despite mixed sentiment on the stock. Analyst Commentary Recent Street research on Siemens Energy gives a mixed picture, with several bullish analysts lifting price targets while more cautious voices focus on execution risk and segment level pressures.
DTG
€48.94
Daimler Truck Holding
7D
6.4%
1Y
25.2%
Narrative Update • Jul 28

DTG: Truck Market Recovery And Policy Shifts Will Shape Future Confidence

The analyst price target for Daimler Truck Holding in this update moves from €46.29 to €49.41, supported by recent research that highlights improving truck market conditions in North America and Europe, a higher assumed future P/E multiple, and a slightly lower discount rate. Analyst Commentary Recent research on Daimler Truck Holding has become more constructive, with several bullish analysts lifting ratings and price targets as they reassess the company’s earnings power and valuation against improving truck markets in North America and Europe.
RWE
€57.18
RWE
7D
-2.8%
1Y
59.7%
Narrative Update • Jul 23

RWE: Future Returns Will Reflect Offshore Wind And Fusion Optionality

RWE's updated analyst price target edges higher to about €65.89 from €64.60, as analysts factor in slightly different assumptions on revenue growth, profit margins and discount rates, alongside a series of recent price target increases across the Street. Analyst Commentary Recent research on RWE highlights a cluster of higher price targets and mixed views on risk, giving you a clearer sense of how the Street is thinking about the company’s valuation and execution priorities.
SIE
€282.65
Siemens
7D
3.8%
1Y
32.7%
IFX
€61.67
Infineon Technologies
7D
-4.3%
1Y
82.5%
Narrative Update • Jul 21

IFX: Dresden Smart Power Fab Will Drive Future AI Power Upside

Infineon Technologies' analyst fair value estimate has moved from €80.0 to €114.0. This reflects analysts' updated assumptions for faster revenue growth and higher profit margins supported by a broad wave of price target increases across the Street, including recent revisions up to €100 that cite stronger semiconductor fundamentals, AI power demand, and available capacity. Analyst Commentary Recent commentary on Infineon Technologies points to a cluster of higher valuation marks across the semiconductor coverage universe, with several bullish analysts updating their models around demand for AI power, industrial and data center markets, and the company’s available capacity.
HLAG
€127.10
Hapag-Lloyd
7D
-2.6%
1Y
2.3%
Narrative Update • Jul 21

HLAG: Elevated Profit Hopes And Geopolitical Tensions Will Pressure Future Returns

Hapag-Lloyd's analyst price target has been revised higher to €99.60 from €97.40, reflecting analysts' updated views on fair value, profitability assumptions, and long term P/E expectations after recent Street research lifts to €70 and €101 respectively from two major banks that both continue to express cautious ratings on the stock. Analyst Commentary Recent research on Hapag-Lloyd points to a mixed view, with higher price targets sitting alongside cautious stock ratings.
EOAN
€18.72
E.ON
7D
-4.5%
1Y
17.0%
Narrative Update • Jul 15

EOAN: Rebased Fair Value And Confirmed Dividend Will Shape Returns Outlook

Analysts have raised the fair value estimate for E.ON stock from about €19.79 to roughly €20.26. This adjustment reflects recent upward revisions to Street price targets, which are now around €19 to €22, as well as analysts’ expectations for supportive earnings trends in the utilities sector.