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German (DAX) Market Analysis & Valuation

UpdatedJan 15, 2026
DataAggregated Company Financials
Companies773
  • 7D0.3%
  • 3M4.5%
  • 1Y14.6%
  • YTD2.4%

Over the last 7 days, the market has remained flat, although notably the Consumer Staples sector gained 5.2% in that time. Meanwhile, the market is actually up 15% over the past year. Earnings are forecast to grow by 17% annually.

Trending IndustriesOil and GasBiotechSoftwareRenewable Energy

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
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
Fri, 07 Jul 2023€2.1t€3.0t€138.9b16.8x15.2x0.7x
Sun, 04 Jun 2023€2.2t€3.0t€140.2b17.2x15.7x0.7x
Tue, 02 May 2023€2.2t€3.0t€146.2b17.5x15.3x0.7x
Thu, 30 Mar 2023€2.2t€3.0t€150.6b16x14.4x0.7x
Sat, 25 Feb 2023€2.1t€2.9t€162.9b15.8x13.1x0.7x
Mon, 23 Jan 2023€2.1t€2.6t€173.1b16.2x12.1x0.8x
Price to Earnings Ratio

12.1x


Total Market Cap: €2.1tTotal Earnings: €173.1bTotal Revenue: €2.6tTotal Market Cap vs Earnings and Revenue0%0%0%
German Market Price to Earnings3Y Average 19.2x202420252026
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 26.0x which is higher than its 3-year average PE of 19.2x.
Past Earnings Growth
  • The earnings for German listed companies have declined 16% per year over the last three years.
  • Meanwhile revenues have been flat.
  • This means that either the cost of doing business or the level of investment back into businesses is increasing since sales have remained steady while profits have fallen.

Sector Trends

Which sectors have driven the changes within the German Market?

DE Market0.55%
Materials3.56%
Consumer Staples3.55%
Energy2.23%
Industrials2.16%
Utilities2.06%
Healthcare0.73%
Real Estate-0.0036%
Tech-0.026%
Telecom-1.01%
Financials-1.16%
Consumer Discretionary-1.46%
Sector PE
  • Investors favour the Consumer Discretionary sector the most for future growth, which is trading above its 3-year average PE ratio of 3.2x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 26.1% which is higher than its past year's earnings decline of 12.3% per year.
Forecasted Growth
  • Analysts are most optimistic on the Energy sector, expecting annual earnings growth of 58% over the next 5 years.
  • This is better than its past earnings decline of 9.1% per year.
  • In contrast, the Financials sector is expected to see its earnings grow by 7.1% per year over the next few years.

Top Stock Gainers and Losers

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

CompanyLast Price7D1YValuationSector
SIE Siemens€260.853.6%
+€7.0b		33.7%PE26.8xIndustrials
ENR Siemens Energy€128.404.0%
+€4.2b		155.1%PE77.7xIndustrials
RHM Rheinmetall€1.91k3.2%
+€2.7b		178.4%PE101.7xIndustrials
BAYN Bayer€42.036.3%
+€2.5b		102.7%PS0.9xHealthcare
RWE RWE€50.525.4%
+€1.8b		74.1%PE16.7xUtilities
See more

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ENR
€128.20
Siemens Energy
7D
3.8%
1Y
154.7%
SHA0
€10.58
Schaeffler
7D
18.3%
1Y
136.2%
SIE
€260.85
Siemens
7D
3.6%
1Y
33.7%
DTG
€41.64
Daimler Truck Holding
7D
5.0%
1Y
9.6%
TLX
€110.40
Talanx
7D
-2.6%
1Y
34.2%

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Analysts have lifted their price target on Talanx from €138 to €143, citing updated research that supports a higher valuation while keeping core assumptions such as fair value, discount rate, growth and P/E expectations broadly unchanged. Analyst Commentary Bullish Takeaways Bullish analysts see the lift in the price target to €143 as a sign that their core assumptions on fair value and P/E remain intact, which can give some investors more comfort around the current valuation framework.
BAS
€46.29
BASF
7D
4.4%
1Y
4.9%

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Analysts have nudged their price target for BASF slightly higher to €52. This reflects updated assumptions on fair value and future P/E, supported by recent Street research that highlights the coatings sale price as ahead of expectations.
HNR1
€243.80
Hannover Rück
7D
-2.6%
1Y
-3.8%

HNR1: Margin Resilience And 2025–2026 Earnings Guidance Will Sustain Premium

Analysts have trimmed their fair value estimate for Hannover Rück slightly to €344.21, reflecting recent cuts to price targets to €270 to €290 and a shift to more neutral ratings as they factor in expectations for lower revenue growth, a modestly softer profit margin, and a higher future P/E multiple. Analyst Commentary Recent research points to a more balanced stance on Hannover Rück, but there are still some clear positives that supportive analysts highlight when they look at valuation, execution, and growth potential.
BAYN
€42.10
Bayer
7D
6.5%
1Y
103.0%

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Narrative Update Analysts have nudged their fair value estimate for Bayer from €33.42 to €34.97, citing updated assumptions for modestly higher revenue growth, slightly stronger profit margins, a higher future P/E, and growing confidence that litigation issues, Kerendia expectations, and Crop Science margins could be better than previously modeled. Analyst Commentary Recent Street research on Bayer has focused on how quickly the litigation overhang could be addressed, the role of Kerendia in the pharma portfolio, and the strength of margins in Crop Science.
MUV2
€524.00
Münchener Rückversicherungs-Gesellschaft in München
7D
-1.6%
1Y
5.2%

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ALV
€382.10
Allianz
7D
-2.1%
1Y
25.9%

ALV: Future Returns Will Reflect Higher 2025 Guidance And Stable Earnings Profile

Analysts have inched their fair value estimate for Allianz higher to about €378 from roughly €377, following a recent price target increase to €388. This reflects updated assumptions on long term profitability and a slightly higher future P/E of about 12.6x versus 12.4x previously.
LHA
€8.45
Deutsche Lufthansa
7D
-6.9%
1Y
48.2%

LHA: Turnaround Uncertainty And Execution Risks Will Constrain Share Recovery Potential

Analysts have increased the fair value estimate for Deutsche Lufthansa to about €8.30 from €8.01, citing improved profit margin assumptions, a slightly lower discount rate and recent upward revisions to price targets, including a move to €9.30 at one major firm and €8 at another. Analyst Commentary Recent research opinions on Deutsche Lufthansa have shifted meaningfully over the past few months, with some firms turning more constructive and others taking a more cautious stance.
SAP
€205.60
SAP
7D
-0.4%
1Y
-19.4%

SAP: Cloud Conversion And EU AI Cloud Will Drive Future Upside

SAP's updated fair value estimate edges down to about $282.05 from $286.75, even as analysts raise price targets into a €310 to $348 range. This reflects mixed views that balance more cautious revenue assumptions with confidence in the company's cloud pipeline and long term positioning.
DTE
€27.86
Deutsche Telekom
7D
-1.6%
1Y
-8.1%
RWE
€50.76
RWE
7D
5.9%
1Y
75.0%

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BMW
€90.08
Bayerische Motoren Werke
7D
-2.7%
1Y
18.2%
RHM
€1,913.50
Rheinmetall
7D
3.4%
1Y
178.9%

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