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German (DAX) Market Analysis & Valuation

UpdatedJun 12, 2026
DataAggregated Company Financials
Companies775
  • 7D-3.0%
  • 3M1.5%
  • 1Y-0.7%
  • YTD-2.5%

Over the last 7 days, the market has dropped 3.0%, driven by a decline of 12% in the Information Technology sector. In the last 12 months the market has been flat overall. 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
Fri, 12 Jun 2026€2.6t€2.6t€127.0b16.8x20.1x1x
Sun, 10 May 2026€2.6t€2.6t€124.2b17.3x20.8x1x
Tue, 07 Apr 2026€2.5t€2.6t€125.1b17.6x20x0.9x
Thu, 05 Mar 2026€2.6t€2.7t€104.0b17.9x25.1x1x
Sat, 31 Jan 2026€2.6t€2.7t€105.4b17.8x25x1x
Mon, 29 Dec 2025€2.6t€2.7t€103.6b18x25.1x1x
Wed, 26 Nov 2025€2.5t€2.7t€104.6b17.7x23.9x0.9x
Fri, 24 Oct 2025€2.6t€2.7t€102.2b18.1x25.2x1x
Sun, 21 Sep 2025€2.5t€2.7t€101.9b18.4x24.8x0.9x
Tue, 19 Aug 2025€2.6t€2.7t€100.3b18.9x26.2x1x
Thu, 17 Jul 2025€2.6t€2.7t€104.4b18.7x24.6x1x
Sat, 14 Jun 2025€2.5t€2.7t€103.4b18.9x24.5x0.9x
Mon, 12 May 2025€2.6t€2.7t€107.2b19.2x23.9x1x
Wed, 09 Apr 2025€2.3t€2.7t€107.8b17.1x21x0.8x
Fri, 07 Mar 2025€2.6t€2.7t€124.3b17.4x20.9x1x
Sun, 02 Feb 2025€2.4t€2.7t€113.5b16.8x21.5x0.9x
Tue, 31 Dec 2024€2.3t€2.7t€114.3b15.9x19.8x0.8x
Thu, 28 Nov 2024€2.2t€2.7t€113.1b15.7x19.7x0.8x
Sat, 26 Oct 2024€2.3t€2.7t€119.7b16.2x19.2x0.9x
Mon, 23 Sep 2024€2.2t€2.7t€119.6b17x18.4x0.8x
Wed, 21 Aug 2024€2.2t€2.7t€118.4b16.9x18.4x0.8x
Fri, 19 Jul 2024€2.2t€2.7t€111.1b17.6x19.8x0.8x
Sun, 16 Jun 2024€2.2t€2.7t€110.8b17.6x19.6x0.8x
Tue, 14 May 2024€2.3t€2.7t€113.0b17.7x20.2x0.8x
Thu, 11 Apr 2024€2.3t€2.8t€119.5b17.1x19x0.8x
Sat, 09 Mar 2024€2.2t€2.8t€125.9b15.6x17.7x0.8x
Mon, 05 Feb 2024€2.2t€2.9t€148.0b16.2x14.6x0.8x
Wed, 03 Jan 2024€2.2t€2.9t€146.5b16.6x14.7x0.8x
Fri, 01 Dec 2023€2.1t€2.9t€147.6b15.9x14.3x0.7x
Sun, 29 Oct 2023€1.9t€3.0t€134.8b15.8x14.5x0.7x
Tue, 26 Sep 2023€2.1t€3.0t€131.2b16x15.9x0.7x
Thu, 24 Aug 2023€2.1t€3.0t€131.7b16.2x16.2x0.7x
Sat, 22 Jul 2023€2.2t€3.0t€138.6b16.8x15.8x0.7x
Mon, 19 Jun 2023€2.2t€3.0t€140.3b17.4x15.8x0.7x
Price to Earnings Ratio

15.8x


Total Market Cap: €2.2tTotal Earnings: €140.3bTotal Revenue: €3.0tTotal Market Cap vs Earnings and Revenue0%0%0%
German Market Price to Earnings3Y Average 20.3x202420252026
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 20.3x.
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 4.4% 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 Market-2.98%
Consumer Staples3.08%
Financials1.42%
Utilities-0.071%
Telecom-0.55%
Consumer Discretionary-1.16%
Healthcare-1.50%
Real Estate-3.24%
Materials-3.36%
Industrials-3.60%
Energy-4.80%
Tech-12.26%
Sector PE
  • Investors favour the Materials sector the most for future growth, which is trading above its 3-year average PE ratio of 59.8x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 32.3%, 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 41% over the next 5 years.
  • However this is lower than its past earnings growth rate of 135% per year.
  • In contrast, the Utilities 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
ALV Allianz€383.303.2%
+€4.4b		11.7%PE12.2xFinancials
MUV2 Münchener Rückversicherungs-Gesellschaft in München€461.504.6%
+€2.6b		-17.4%PE8.7xFinancials
ADS adidas€173.307.9%
+€2.2b		-15.8%PE22.1xConsumer Discretionary
RHM Rheinmetall€1.22k2.5%
+€1.4b		-30.2%PE54.1xIndustrials
RWE RWE€57.503.0%
+€1.2b		63.2%PE17.2xUtilities
See more

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Latest News

ADS
€173.30
adidas
7D
7.9%
1Y
-15.8%
ENR
€147.00
Siemens Energy
7D
-7.8%
1Y
71.5%
RHM
€1,220.00
Rheinmetall
7D
2.5%
1Y
-30.2%
BAS
€48.88
BASF
7D
-3.5%
1Y
14.5%
Narrative Update • Jun 11

BAS: China Verbund Expansion And Carbon Policy Shift Will Drive Future Upside

Analysts have trimmed their average price target for BASF by €3 to €58, reflecting mixed recent research in which some firms reduced targets while others lifted theirs. Supporting models now use slightly higher assumed revenue growth, profit margins and a modestly lower future P/E multiple.
SAP
€139.90
SAP
7D
-15.0%
1Y
-46.4%
IFX
€77.06
Infineon Technologies
7D
-9.4%
1Y
116.7%
MRK
€135.40
Merck KGaA
7D
-2.9%
1Y
16.3%
MBG
€47.44
Mercedes-Benz Group
7D
-3.3%
1Y
-8.2%
BMW
€66.54
Bayerische Motoren Werke
7D
-5.3%
1Y
-13.3%
MUV2
€461.50
Münchener Rückversicherungs-Gesellschaft in München
7D
4.6%
1Y
-17.4%
Narrative Update • Jun 06

MUV2: Future Returns Will Reflect Rebased Earnings Power Despite Recent Rating Resets

For Münchener Rückversicherungs-Gesellschaft in München, the updated analyst price targets now cluster between about €480 and €590, reflecting reduced fair value estimates of around €551 as analysts balance softer revenue growth assumptions with slightly higher profit margin expectations and a modestly lower future P/E of about 11.26x. Analyst Commentary Recent Street research on Münchener Rückversicherungs-Gesellschaft in München highlights a tighter range of price targets, with revisions aligning around the €480 to €590 band as analysts reassess both valuation and execution risks.
SY1
€83.04
Symrise
7D
9.5%
1Y
-19.3%
Narrative Update • Jun 05

SY1: Recent Upgrade And Premium P/E Expectations Will Support Future Share Repricing

Analysts have nudged Symrise's fair value estimate slightly higher to €92.06 from €91.76. This reflects updated assumptions around revenue growth, profit margins and future P/E that align with recent price target revisions from Berenberg and JPMorgan, alongside a fresh upgrade at Jefferies.
SIE
€258.50
Siemens
7D
-5.0%
1Y
18.9%
Narrative Update • Jun 05

SIE: AI Data Center And Industrial AI Partnerships Will Shape 2026 Outlook

Narrative Update: Siemens Analyst Price Target Shift Analysts have nudged Siemens' fair value estimate higher, from about €282.91 to roughly €286.17, reflecting updated assumptions around revenue growth, profit margins and future P/E, alongside a series of recent price target increases in the €260 to €335 range and interest in its role within new AI data center architectures. Analyst Commentary Recent research points to a mix of enthusiasm and caution around Siemens, with several firms revising price targets and highlighting both growth angles and execution risks.
ALV
€383.30
Allianz
7D
3.2%
1Y
11.7%
Narrative Update • Jun 05

ALV: Future Returns Will Rely On Buybacks Execution And Expansion Plans

The analyst price target for Allianz has increased to €403.90 from €399.52, reflecting updated views on slightly stronger revenue growth and modestly higher future P/E assumptions, partly offset by a somewhat lower profit margin outlook and a higher discount rate cited by analysts in recent research. Analyst Commentary Recent research on Allianz has centered on how much investors are willing to pay for the stock relative to earnings, which feeds directly into the updated price targets.
EOAN
€18.39
E.ON
7D
1.8%
1Y
18.4%
Narrative Update • Jun 05

EOAN: Upgraded Ratings And Confirmed Dividend Will Shape Future Fair Value

E.ON's analyst price target has been revised slightly higher to €19.79 from €19.51, as analysts factor in updated revenue growth assumptions and recent upward target moves and rating upgrades across several research houses. Analyst Commentary Bullish Takeaways Bullish analysts have raised price targets into a €19 to €22 range, which signals a view that the current valuation still leaves room for execution on the existing business plan to create value.
HNR1
€231.00
Hannover Rück
7D
2.7%
1Y
-14.5%
Narrative Update • Jun 04

HNR1: Rich Rating Will Test 2026 Earnings Payout Against Cautious Street Revisions

The analyst fair value estimate for Hannover Rück has shifted from €239.0 to €246.0, reflecting updated assumptions on growth, profitability and discount rates after recent Street research, where several banks adjusted their price targets to a range of €260 to €330 and reiterated neutral to positive views on the stock. Analyst Commentary Recent Street research on Hannover Rück shows a cluster of reduced price targets, even where ratings remain neutral or equivalent.
RWE
€57.50
RWE
7D
3.0%
1Y
63.2%
Narrative Update • Jun 03

RWE: Future Returns Will Reflect Global Wind And Battery Project Execution

RWE's updated fair value rises slightly to about €63, as analysts factor in higher profit margin expectations and refreshed price targets that include upward revisions from several brokerages alongside a recent downgrade to Neutral. Analyst Commentary Recent research shows a mix of optimism and caution around RWE's outlook, with several price target revisions in both directions.