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

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 20.2x.

Which sectors have driven the changes within the German Market?

Investors favour the Energy sector the most for future growth which is trading above its 3-year average PE ratio. Analysts are expecting annual earnings growth of 46.8%, which is lower than the prior year's growth of 70.3% 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.

German (DAX) Market Analysis & Valuation

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Thu, 14 May 2026	€2.6t	€2.6t	€126.5b	17.1x	20.4x	1x
Sat, 11 Apr 2026	€2.6t	€2.6t	€125.7b	17.6x	20.5x	1x
Mon, 09 Mar 2026	€2.5t	€2.7t	€99.6b	17.8x	25.5x	1x
Wed, 04 Feb 2026	€2.7t	€2.7t	€105.5b	18x	25.2x	1x
Fri, 02 Jan 2026	€2.6t	€2.7t	€103.6b	18.2x	25.3x	1x
Sun, 30 Nov 2025	€2.5t	€2.7t	€104.4b	17.8x	24.4x	0.9x
Tue, 28 Oct 2025	€2.6t	€2.7t	€101.0b	18.2x	25.6x	1x
Thu, 25 Sep 2025	€2.5t	€2.7t	€101.8b	18.4x	24.8x	0.9x
Sat, 23 Aug 2025	€2.6t	€2.7t	€100.3b	19.4x	26.3x	1x
Mon, 21 Jul 2025	€2.6t	€2.7t	€104.3b	18.4x	24.8x	1x
Wed, 18 Jun 2025	€2.5t	€2.7t	€103.5b	18.9x	24.4x	0.9x
Fri, 16 May 2025	€2.6t	€2.7t	€102.3b	19.4x	25.2x	1x
Sun, 13 Apr 2025	€2.3t	€2.7t	€107.8b	16.6x	21.1x	0.8x
Tue, 11 Mar 2025	€2.5t	€2.7t	€125.8b	17x	20.1x	0.9x
Thu, 06 Feb 2025	€2.4t	€2.7t	€113.2b	16.7x	21.3x	0.9x
Sat, 04 Jan 2025	€2.3t	€2.7t	€114.5b	16.1x	19.8x	0.8x
Mon, 02 Dec 2024	€2.3t	€2.7t	€114.2b	15.5x	19.7x	0.8x
Wed, 30 Oct 2024	€2.3t	€2.7t	€118.1b	16.1x	19.4x	0.8x
Fri, 27 Sep 2024	€2.3t	€2.7t	€119.8b	16.4x	19x	0.8x
Sun, 25 Aug 2024	€2.2t	€2.7t	€118.4b	16.6x	18.6x	0.8x
Tue, 23 Jul 2024	€2.2t	€2.7t	€111.0b	18.1x	19.8x	0.8x
Thu, 20 Jun 2024	€2.2t	€2.7t	€110.7b	17.1x	19.6x	0.8x
Sat, 18 May 2024	€2.3t	€2.7t	€109.7b	17.5x	20.6x	0.8x
Mon, 15 Apr 2024	€2.2t	€2.8t	€119.1b	17.2x	18.9x	0.8x
Wed, 13 Mar 2024	€2.3t	€2.8t	€126.2b	16x	17.8x	0.8x
Fri, 09 Feb 2024	€2.2t	€2.9t	€149.2b	16.1x	14.5x	0.8x
Sun, 07 Jan 2024	€2.1t	€2.9t	€146.5b	16.2x	14.6x	0.7x
Tue, 05 Dec 2023	€2.1t	€2.9t	€147.4b	16x	14.5x	0.7x
Thu, 02 Nov 2023	€2.0t	€3.0t	€160.6b	15.5x	12.2x	0.7x
Sat, 30 Sep 2023	€2.1t	€3.0t	€131.0b	16x	15.8x	0.7x
Mon, 28 Aug 2023	€2.1t	€3.0t	€131.8b	16.2x	16.1x	0.7x
Wed, 26 Jul 2023	€2.2t	€3.0t	€138.5b	16.8x	15.9x	0.7x
Fri, 23 Jun 2023	€2.2t	€3.0t	€140.4b	17.4x	15.4x	0.7x
Sun, 21 May 2023	€2.2t	€3.0t	€136.9b	17.3x	16x	0.7x


DE Market	-2.46%
Consumer Discretionary	1.40%
Materials	0.52%
Telecom	0.13%
Energy	-0.32%
Utilities	-0.42%
Healthcare	-0.53%
Consumer Staples	-1.42%
Real Estate	-1.87%
Tech	-2.79%
Industrials	-4.42%
Financials	-5.13%

Company	Last Price	7D	1Y	Valuation	Sector
IFX Infineon Technologies	€64.36	8.7% +€6.7b	86.3%	PE77.9x	Tech
MRK Merck KGaA	€121.15	6.6% +€3.2b	-2.2%	PE20.2x	Healthcare
OHB OHB	€402.50	43.8% +€2.3b	497.2%	PE137.4x	Industrials
DHER Delivery Hero	€26.25	26.6% +€1.6b	-2.2%	PS0.6x	Consumer Discretionary
BAS BASF	€54.00	2.8% +€1.3b	21.3%	PE31.2x	Materials

Announcement • 7h

SAP SE Introduces The Autonomous Enterprise And Unified SAP Business AI Platform

SAP SE introduced the Autonomous Enterprise to help enhance the world's most critical business workflows, so that humans and AI work together to meet the accelerating demands of global business profitably, strategically and safely. The Autonomous Enterprise includes a unified AI platform for building, contextualizing and governing agents, an autonomous suite that executes core business operations and a new user experience that redefines how people work with enterprise software. SAP Business AI Platform is a new foundation for building and deploying enterprise AI grounded in real business context. SAP Business AI Platform now unifies SAP Business Technology Platform, SAP Business Data Cloud and SAP Business AI into a single, governed environment. At its core is the SAP Knowledge Graph solution, which gives AI agents a structured map of business entities, processes and relationships across a customer's SAP landscape. Joule Studio is SAP's AI-first solution for building enterprise agents, applications and agentic workflows. Developers can build using the no-code, pro-code and AI frameworks of their choice on SAP-managed infrastructure that is secure, scalable and optimized for enterprise AI. Building on this foundation, SAP also introduced SAP Autonomous Suite, which enables SAP's existing business applications with AI agents capable of running processes from start-to-finish. The suite will deploy more than 50 domain-specific Joule Assistants across finance, supply chain, procurement, human capital management and customer experience. These assistants will automate end-to-end processes by orchestrating a subset of over 200 specialized agents to execute precise tasks. SAP also launched Industry AI, expanding its deep industry portfolio through seven autonomous solutions that will enable start-to-finish industry processes and embed sector-specific process logic, data models and regulatory requirements. With SAP's Autonomous Asset Management scenario, AI agents are designed to analyze data from thousands of past incidents, identify the likely root cause and generate pre-filled work orders with the right tools and proven fixes from other sites. The company also revealed Joule Work, redefining how users engage with SAP software. Instead of navigating individual applications and entering data across several screens, users will now interact primarily with Joule. Joule Work goes beyond conversation, proactively surfacing relevant insights and automating routine tasks behind the scenes so work moves forward even when humans aren't actively steering it. It will be available on desktop, mobile and voice across SAP and non-SAP systems. SAP evolved its customer and partner programs to help accelerate the organization's journey to the Autonomous Enterprise. To catalyze adoption, the company has launched a EUR 100 million fund for SAP partners to help customers deploy SAP-built AI assistants and agents. The fund is also available to partners that extend or build new partner agents on the new SAP Business AI Platform using Joule Studio. SAP has enhanced its RISE with SAP and SAP GROW offerings to accelerate AI adoption. Both include access to the Joule Assistants portfolio; RISE with SAP customers will have three assistants activated within their first year, while SAP GROW customers receive full portfolio access at onboarding. SAP S/4HANA, on-premise and SAP ERP Central Component (SAP ECC) customers are not excluded: those that commit to transitioning the majority of their current landscape to SAP Cloud ERP gain access to select AI scenarios, bridging the gap between their current landscape and their cloud destination. SAP also introduced new agent-led transformation tooling that can reduce ERP migration efforts by more than 35 percent, driving faster and more predictable projects by automating system analysis, code remediation, configuration and testing at scale. Platform and suite partnerships include Anthropic, with Claude among the foundation models SAP's AI platform will leverage to power Joule agents across HR, procurement and supply chain; Amazon Web Services, bringing zero-copy data integration between SAP Business Data Cloud and Amazon Athena; Google Cloud and Microsoft, enabling bidirectional agent-to-agent interoperability between Joule and external agent frameworks; Mistral AI and Cohere, delivering sovereign model options on SAP's cloud infrastructure; n8n, providing visual AI workflow orchestration inside Joule Studio; NVIDIA, whose OpenShell provides the trusted secure runtime for Joule Studio; and Parloa, bringing AI agents into SAP Service Cloud to handle customer interactions with full access to business data and service processes. Implementation partnerships include Palantir and Accenture, partnering on complex data migration scenarios, and Conduct for AI-powered cloud ERP migrations.

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