Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

German (DAX) Market Analysis & Valuation

UpdatedJan 17, 2026
DataAggregated Company Financials
Companies775
  • 7D-0.3%
  • 3M5.9%
  • 1Y13.3%
  • YTD2.4%

In the last week, the market has stayed flat, however the Utilities sector stood out, gaining 3.6%. As for the longer term, the market has risen 13% in the past 12 months. As for the next few years, earnings are expected to grow by 17% per annum.

Trending IndustriesOil and GasBiotechSoftwareRenewable Energy

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 17 Jan 2026€2.7t€2.7t€103.6b18.3x25.9x1x
Mon, 15 Dec 2025€2.6t€2.7t€103.7b17.9x25x1x
Wed, 12 Nov 2025€2.6t€2.7t€100.0b17.8x25.5x0.9x
Fri, 10 Oct 2025€2.6t€2.7t€101.7b18.5x25.7x1x
Sun, 07 Sep 2025€2.6t€2.7t€101.8b18.6x25.1x1x
Tue, 05 Aug 2025€2.6t€2.7t€101.8b19x25.3x1x
Thu, 03 Jul 2025€2.6t€2.7t€103.9b18.6x24.6x0.9x
Sat, 31 May 2025€2.6t€2.7t€103.4b18.6x25x1x
Mon, 28 Apr 2025€2.5t€2.7t€111.7b18.1x22.1x0.9x
Wed, 26 Mar 2025€2.5t€2.7t€129.9b17.7x19.6x0.9x
Fri, 21 Feb 2025€2.5t€2.7t€112.2b16.9x22.2x0.9x
Sun, 19 Jan 2025€2.4t€2.7t€114.2b16.3x20.6x0.9x
Tue, 17 Dec 2024€2.3t€2.7t€114.2b16x20.2x0.8x
Thu, 14 Nov 2024€2.2t€2.7t€111.1b15.2x20x0.8x
Sat, 12 Oct 2024€2.3t€2.7t€119.0b16.5x19.2x0.8x
Mon, 09 Sep 2024€2.2t€2.7t€119.5b16.5x18.1x0.8x
Wed, 07 Aug 2024€2.1t€2.7t€110.0b16.5x18.9x0.8x
Fri, 05 Jul 2024€2.2t€2.7t€111.3b18x19.8x0.8x
Sun, 02 Jun 2024€2.2t€2.7t€110.9b17.6x20.2x0.8x
Tue, 30 Apr 2024€2.2t€2.8t€120.1b17x18.7x0.8x
Thu, 28 Mar 2024€2.3t€2.8t€122.0b17x18.9x0.8x
Sat, 24 Feb 2024€2.2t€2.9t€151.3b15.6x14.5x0.8x
Mon, 22 Jan 2024€2.1t€2.9t€146.5b16.1x14.4x0.7x
Wed, 20 Dec 2023€2.2t€2.9t€147.6b16.4x14.7x0.8x
Fri, 17 Nov 2023€2.1t€2.9t€152.9b16x13.6x0.7x
Sun, 15 Oct 2023€2.0t€3.0t€131.5b15.9x15.5x0.7x
Tue, 12 Sep 2023€2.1t€3.0t€131.1b16x16.3x0.7x
Thu, 10 Aug 2023€2.1t€3.0t€137.3b16.3x15.6x0.7x
Sat, 08 Jul 2023€2.1t€3.0t€138.8b16.8x15.3x0.7x
Mon, 05 Jun 2023€2.2t€3.0t€140.2b17.3x15.7x0.7x
Wed, 03 May 2023€2.2t€3.0t€146.6b17.4x15x0.7x
Fri, 31 Mar 2023€2.2t€3.0t€150.4b16x14.6x0.7x
Sun, 26 Feb 2023€2.1t€2.9t€158.1b15.7x13.5x0.7x
Tue, 24 Jan 2023€2.1t€2.6t€173.1b16.1x12.1x0.8x
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 25.9x 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 Market-0.34%
Utilities3.62%
Energy2.76%
Industrials2.08%
Consumer Staples1.92%
Materials1.04%
Real Estate0.70%
Financials-0.072%
Healthcare-0.52%
Consumer Discretionary-3.18%
Tech-3.55%
Telecom-3.56%
Sector PE
  • Investors favour the Consumer Discretionary sector the most for future growth, which is trading above its 3-year average PE ratio of 4.7x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 26.4% which is higher than its past year's earnings decline of 14.2% per year.
Forecasted Growth
  • Analysts are most optimistic on the Energy sector, expecting annual earnings growth of 59% 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
ENR Siemens Energy€136.308.3%
+€8.9b		162.7%PE82.4xIndustrials
SIE Siemens€260.252.4%
+€4.6b		29.6%PE26.7xIndustrials
BAYN Bayer€41.526.8%
+€2.6b		96.3%PS0.9xHealthcare
RWE RWE€51.507.4%
+€2.5b		75.5%PE17xUtilities
EOAN E.ON€17.423.4%
+€1.5b		57.2%PE15.2xUtilities
See more

Market Insights

Header cover image
Why Didn’t Oil React to Venezuela? 🇻🇪
Maduro is out, the US stepped in… and oil markets barely reacted? Let’s look at why.
Continue reading
Which Markets Will Sink or Swim in 2026? 🌍
Last Week

Which Markets Will Sink or Swim in 2026? 🌍

Latest News

EOAN
€17.42
E.ON
7D
3.4%
1Y
57.2%

EOAN: Future Network Upgrades And Efficiency Gains Will Support Balanced Outlook

Analysts have nudged their price target on E.ON slightly lower to €17.13 from €17.34, reflecting updated assumptions around revenue growth, profit margins and future P/E multiples. What's in the News Nokia agreed a contract with E.ON SE to modernize mission critical communications infrastructure across Germany for its distribution system operators, focused on creating a more automated telecommunications network.
ENR
€136.30
Siemens Energy
7D
8.3%
1Y
162.7%
SHA0
€10.57
Schaeffler
7D
15.5%
1Y
134.9%
SIE
€260.25
Siemens
7D
2.4%
1Y
29.6%
HOT
€373.00
HOCHTIEF
7D
5.3%
1Y
176.1%
ADS
€159.85
adidas
7D
-4.1%
1Y
-33.9%

ADS: Premium Consumers And Sports Footwear Shift Will Support Stronger Margins

Analysts have nudged their fair value estimate for adidas higher to about €226.60 from roughly €223.57, reflecting updated price targets and views that greater exposure to premium consumers and sportswear demand could support slightly stronger margins and a modestly higher future P/E. Analyst Commentary Recent street research has tilted constructive on adidas, with several firms adjusting price targets higher in both US dollar and euro terms.
HLAG
€120.20
Hapag-Lloyd
7D
-4.1%
1Y
-8.2%

Hapag-Lloyd Aktiengesellschaft's (ETR:HLAG) Price Is Right But Growth Is Lacking

Jan 11
Hapag-Lloyd Aktiengesellschaft's (ETR:HLAG) Price Is Right But Growth Is Lacking
BAYN
€41.52
Bayer
7D
6.8%
1Y
96.3%

BAYN: Litigation Overhang Will Drive Future Rerating Risk For Shares

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.
NEM
€82.80
Nemetschek
7D
-9.6%
1Y
-15.8%

NEM: Construction Software Digitization Will Support Premium Multiples Despite Mixed Rating Signals

Narrative Update The updated analyst price target for Nemetschek edges lower to about €120 from roughly €123, as analysts factor in slightly adjusted fair value, discount rate and P/E assumptions, while still highlighting the company's position in construction software and noting mixed views on the shares. Analyst Commentary Analysts are split on Nemetschek, with views clustering around how much upside remains at current levels versus the execution needed to justify recent valuation assumptions.
SAP
€202.15
SAP
7D
-4.8%
1Y
-21.3%

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.
TKMS
€98.00
TKMS & Co KGaA
7D
18.8%
1Y
n/a
CON
€66.10
Continental
7D
-4.8%
1Y
-1.8%

CON: Cost Cutting Execution And Trade Tensions Will Likely Cap Equity Upside

Analysts have lifted their price targets for Continental into the mid €70s range, citing added inclusion on focus lists, recent rating upgrades to Buy, and a view that potential earnings and cash improvements through cost actions could support equity value into 2026. Analyst Commentary Recent Street research around Continental clusters in the mid €60s to mid €70s price target range, with several large banks updating their views as they look ahead to 2026.
DTE
€27.05
Deutsche Telekom
7D
-4.8%
1Y
-10.8%
MBG
€58.90
Mercedes-Benz Group
7D
-2.4%
1Y
6.9%

MBG: Premium Positioning And Balance Sheet Strength Will Confront Tariff And Supply Risks

Narrative Update The updated analyst price target for Mercedes-Benz reflects a small fair value change to about €62.80 from roughly €62.76, with analysts pointing to sector headwinds, the stock's valuation versus other European premium car makers, and support from the company's balance sheet and capital allocation approach as key factors behind recent target revisions from several firms. Analyst Commentary Recent Street research on Mercedes-Benz Group highlights a mix of optimism around valuation support and balance sheet strength, alongside more cautious views expressed through neutral and hold ratings.
RWE
€51.50
RWE
7D
7.4%
1Y
75.5%

Does RWE (ETR:RWE) Have A Healthy Balance Sheet?

Jan 07
Does RWE (ETR:RWE) Have A Healthy Balance Sheet?
BMW
€88.72
Bayerische Motoren Werke
7D
-3.6%
1Y
15.1%