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German (DAX) Market Analysis & Valuation

UpdatedJun 25, 2026
DataAggregated Company Financials
Companies775
  • 7D-1.5%
  • 3M5.4%
  • 1Y1.9%
  • YTD-1.6%

In the last week, the market has been flat, with a notable exception in the Consumer Discretionary sector dropping 6.1%. In line with that, the market has also been flat over the past year. Looking forward, 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
Thu, 25 Jun 2026€2.6t€2.6t€126.9b16.9x20.3x1x
Sat, 23 May 2026€2.6t€2.6t€126.6b17x20.8x1x
Mon, 20 Apr 2026€2.7t€2.6t€125.9b18.3x21.1x1x
Wed, 18 Mar 2026€2.6t€2.6t€100.0b17.9x25.6x1x
Fri, 13 Feb 2026€2.7t€2.7t€106.7b17.2x25x1x
Sun, 11 Jan 2026€2.7t€2.7t€103.6b18.5x26x1x
Tue, 09 Dec 2025€2.6t€2.7t€102.1b17.9x25.2x1x
Thu, 06 Nov 2025€2.5t€2.7t€97.1b17.8x26.2x0.9x
Sat, 04 Oct 2025€2.6t€2.7t€101.7b18.2x25.5x1x
Mon, 01 Sep 2025€2.6t€2.7t€101.6b18.7x25.5x1x
Wed, 30 Jul 2025€2.6t€2.7t€105.8b19x24.6x1x
Fri, 27 Jun 2025€2.5t€2.7t€103.7b18.9x24.3x0.9x
Sun, 25 May 2025€2.6t€2.8t€82.4b18.9x31.1x0.9x
Tue, 22 Apr 2025€2.4t€2.7t€107.8b17.6x22x0.9x
Thu, 20 Mar 2025€2.6t€2.7t€126.2b17.6x20.5x1x
Sat, 15 Feb 2025€2.5t€2.7t€111.9b17x22.4x0.9x
Mon, 13 Jan 2025€2.3t€2.7t€112.2b16.4x20.4x0.9x
Wed, 11 Dec 2024€2.3t€2.7t€114.2b16x20.4x0.9x
Fri, 08 Nov 2024€2.3t€2.7t€112.9b15.3x20x0.8x
Sun, 06 Oct 2024€2.3t€2.7t€119.9b16.4x19x0.8x
Tue, 03 Sep 2024€2.2t€2.7t€119.4b16.9x18.7x0.8x
Thu, 01 Aug 2024€2.2t€2.7t€109.5b17.4x20.1x0.8x
Sat, 29 Jun 2024€2.2t€2.7t€110.8b17.4x19.8x0.8x
Mon, 27 May 2024€2.0t€2.2t€82.6b17.8x24.4x0.9x
Wed, 24 Apr 2024€2.3t€2.8t€118.5b17.1x19x0.8x
Fri, 22 Mar 2024€2.3t€2.8t€120.9b16.4x18.7x0.8x
Sun, 18 Feb 2024€2.2t€2.9t€151.2b16x14.4x0.8x
Tue, 16 Jan 2024€2.1t€2.9t€146.5b16.2x14.5x0.7x
Thu, 14 Dec 2023€2.1t€2.9t€147.6b16.2x14.6x0.8x
Sat, 11 Nov 2023€2.0t€2.9t€149.7b15.6x13.4x0.7x
Mon, 09 Oct 2023€2.1t€3.0t€131.4b15.8x15.6x0.7x
Wed, 06 Sep 2023€2.1t€3.0t€130.3b16.1x16.4x0.7x
Fri, 04 Aug 2023€2.2t€3.0t€147.8b16.3x14.7x0.7x
Sun, 02 Jul 2023€2.2t€3.0t€138.8b17.4x15.8x0.7x
Price to Earnings Ratio

15.8x


Total Market Cap: €2.2tTotal Earnings: €138.8bTotal Revenue: €3.0tTotal Market Cap vs Earnings and Revenue0%0%0%
German Market Price to Earnings3Y Average 20.4x202420252026
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 20.4x.
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 4.3% 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-1.52%
Healthcare2.35%
Consumer Staples2.11%
Financials0.51%
Real Estate-0.44%
Energy-1.90%
Tech-1.96%
Telecom-2.02%
Materials-2.04%
Industrials-2.35%
Utilities-2.42%
Consumer Discretionary-4.46%
Sector PE
  • Investors favour the Materials sector the most for future growth, which is trading above its 3-year average PE ratio of 60.4x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 32.0%, 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 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
IFX Infineon Technologies€79.373.0%
+€3.0b		127.1%PE96xTech
MRK Merck KGaA€140.105.0%
+€2.9b		27.0%PE24.1xHealthcare
MUV2 Münchener Rückversicherungs-Gesellschaft in München€479.603.2%
+€1.9b		-13.0%PE9xFinancials
BAYN Bayer€39.615.0%
+€1.8b		50.0%PS0.9xHealthcare
MTX MTU Aero Engines€357.808.3%
+€1.5b		-3.2%PE19.4xIndustrials
See more

Market Insights

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Latest News

MRK
€140.10
Merck KGaA
7D
5.0%
1Y
27.0%
RHM
€957.40
Rheinmetall
7D
-18.2%
1Y
-44.9%
DHL
€51.18
Deutsche Post
7D
-2.8%
1Y
33.1%
MBG
€44.66
Mercedes-Benz Group
7D
-4.5%
1Y
-8.6%
IFX
€79.37
Infineon Technologies
7D
3.0%
1Y
127.1%
Narrative Update • Jun 23

IFX: AI Power Demand And Dresden Expansion Will Offset Legal And Supply Risks

Infineon Technologies' updated analyst price target increases from €72.13 to €77.67. Analysts point to stronger AI power demand, tight industry supply and the ramp up of the new Dresden fab, alongside slightly higher modeled revenue growth, profit margins and future P/E assumptions.
MUV2
€479.60
Münchener Rückversicherungs-Gesellschaft in München
7D
3.2%
1Y
-13.0%
Narrative Update • Jun 23

MUV2: Future Returns Will Rely On Rebased Earnings Power And Margin Discipline

Analysts have trimmed their average price targets for Münchener Rückversicherungs-Gesellschaft in München by around €100 per share, with recent research pointing to adjustments in fair value estimates and profit margin assumptions as key drivers of the change. Analyst Commentary Recent research on Münchener Rückversicherungs-Gesellschaft in München shows a cluster of price target cuts alongside a wide spread of ratings.
HNR1
€238.00
Hannover Rück
7D
3.0%
1Y
-10.6%
Narrative Update • Jun 22

HNR1: 2026 Earnings Guidance And Capital Discipline Will Support Future Upside

Hannover Rück's analyst price target has been revised lower to €260 from €290 as several firms trim their estimates, with analysts pointing to updated assumptions for fair value, discount rates and profitability. Analyst Commentary Recent research on Hannover Rück shows that several major banks, including JPMorgan, have reduced their price targets while generally maintaining neutral stances on the stock.
BAYN
€39.61
Bayer
7D
5.0%
1Y
50.0%
ALV
€404.10
Allianz
7D
1.0%
1Y
18.9%
Narrative Update • Jun 22

ALV: Future Returns Will Depend On Buybacks Discipline And Acquisition Execution

Allianz's analyst price target has been updated from about €403.90 to about €413.90, reflecting modest adjustments to revenue growth, profit margin and future P/E assumptions, and aligning with recent target increases such as Citi's move to €411.70, while broader analyst commentary remains mixed. Analyst Commentary Recent Allianz research shows a mix of optimism and caution, with the latest price target around €411.70 and a Neutral stance from at least one major bank.
HEI
€182.30
Heidelberg Materials
7D
-4.6%
1Y
-4.6%
Narrative Update • Jun 22

HEI: Autonomous Quarry Rollout And Upgraded Ratings Will Support Future Re Rating

The analyst price target for Heidelberg Materials has been revised to €292 from €285, with analysts citing recent target increases and upgrades as support for the updated view. Analyst Commentary Bullish analysts covering Heidelberg Materials are highlighting recent target changes and upgrades as signs of growing confidence in the company’s outlook and execution.
DTE
€26.40
Deutsche Telekom
7D
-2.1%
1Y
-14.1%
Analysis Article • Jun 21

Deutsche Telekom (XTRA:DTE) Stock Could Be 30.6% Undervalued After Higher 2026 Guidance

Deutsche Telekom (XTRA:DTE) is back in focus after Q1 2026 results showed 4.7% organic revenue growth and a 7.5% rise in adjusted EBITDA AL, alongside upgraded full year guidance to about €47.50b. See our latest analysis for Deutsche Telekom. Despite the stronger Q1 update and higher guidance, Deutsche Telekom’s share price has moved the other way recently, with the stock down 8.95% over 30 days and 16.03% over 90 days, while the 5 year total shareholder return of 74.87% still reflects a very...
ENR
€159.60
Siemens Energy
7D
-1.3%
1Y
72.7%
SAP
€134.86
SAP
7D
-4.5%
1Y
-46.6%
Narrative Update • Jun 17

SAP: Autonomous AI Execution In Core ERP Will Drive Future Repricing

The analyst price target for SAP stock has been revised lower by €20, as analysts factor in slower than expected AI adoption, along with company efforts to address gaps and accelerate AI-driven offerings. Analyst Commentary Recent research on SAP reflects a mixed backdrop, with several firms trimming price targets while still highlighting areas where the company could add value as AI offerings mature and execution around new products improves.
LHA
€9.55
Deutsche Lufthansa
7D
7.5%
1Y
35.5%
MTX
€357.80
MTU Aero Engines
7D
8.3%
1Y
-3.2%
Narrative Update • Jun 05

MTX: Future Re Rating Will Hinge On Dividend Support And Execution

The analyst price target for MTU Aero Engines has been trimmed by about €2 to €499, as analysts factor in higher required returns and a higher future P/E, partly reflecting recent downgrades and target cuts, along with one new bullish initiation. Analyst Commentary Recent research on MTU Aero Engines has been mixed, but there is a clear group of bullish analysts who see scope for upside if execution stays on track and key risks are managed effectively.
EOAN
€17.62
E.ON
7D
-3.8%
1Y
14.5%
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.