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German (DAX) Market Analysis & Valuation

UpdatedJan 24, 2026
DataAggregated Company Financials
Companies773
  • 7D-1.0%
  • 3M3.2%
  • 1Y10.1%
  • YTD1.3%

Over the last 7 days, the market has dropped 1.0%, driven by a decline of 3.1% in the Financials sector. In the last year, the market is actually up 10%. As for the next few years, earnings are expected to grow by 16% 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, 24 Jan 2026€2.7t€2.7t€104.1b18.2x25.5x1x
Mon, 22 Dec 2025€2.6t€2.7t€103.6b18x25.1x1x
Wed, 19 Nov 2025€2.5t€2.7t€104.6b17.3x23.6x0.9x
Fri, 17 Oct 2025€2.6t€2.7t€101.5b18.2x25.3x1x
Sun, 14 Sep 2025€2.5t€2.7t€101.7b18.3x24.9x0.9x
Tue, 12 Aug 2025€2.6t€2.7t€103.8b19.1x25.2x1x
Thu, 10 Jul 2025€2.6t€2.7t€104.0b19x25.2x1x
Sat, 07 Jun 2025€2.6t€2.7t€103.6b19.3x25.2x1x
Mon, 05 May 2025€2.5t€2.7t€107.9b18.8x23.5x0.9x
Wed, 02 Apr 2025€2.5t€2.7t€108.2b17.8x23x0.9x
Fri, 28 Feb 2025€2.5t€2.7t€121.6b16.8x20.7x0.9x
Sun, 26 Jan 2025€2.4t€2.7t€114.2b16.7x21x0.9x
Tue, 24 Dec 2024€2.3t€2.7t€114.4b15.6x19.8x0.8x
Thu, 21 Nov 2024€2.2t€2.7t€112.1b15.7x19.7x0.8x
Sat, 19 Oct 2024€2.3t€2.7t€119.0b16.3x19.5x0.9x
Mon, 16 Sep 2024€2.2t€2.7t€119.6b16.2x18.4x0.8x
Wed, 14 Aug 2024€2.1t€2.7t€117.1b16.8x18.1x0.8x
Fri, 12 Jul 2024€2.2t€2.7t€111.4b18x19.9x0.8x
Sun, 09 Jun 2024€2.2t€2.7t€110.9b18.4x20.2x0.8x
Tue, 07 May 2024€2.2t€2.8t€120.2b17.3x18.6x0.8x
Thu, 04 Apr 2024€2.3t€2.8t€119.3b17x19.2x0.8x
Sat, 02 Mar 2024€2.2t€2.9t€124.7b15.9x17.8x0.8x
Mon, 29 Jan 2024€2.2t€2.9t€148.3b16.5x14.6x0.8x
Wed, 27 Dec 2023€2.2t€2.9t€147.3b16.3x14.6x0.8x
Fri, 24 Nov 2023€2.1t€2.9t€150.5b16x13.9x0.7x
Sun, 22 Oct 2023€2.0t€3.0t€132.1b15.6x15x0.7x
Tue, 19 Sep 2023€2.1t€3.0t€131.2b16.1x16.1x0.7x
Thu, 17 Aug 2023€2.2t€3.0t€132.2b16.5x16.3x0.7x
Sat, 15 Jul 2023€2.2t€3.0t€138.9b16.8x15.8x0.7x
Mon, 12 Jun 2023€2.2t€3.0t€140.2b17.2x15.6x0.7x
Wed, 10 May 2023€2.2t€3.0t€144.2b17.6x15.2x0.7x
Fri, 07 Apr 2023€2.2t€3.0t€149.5b16.3x14.7x0.7x
Sun, 05 Mar 2023€2.2t€2.9t€156.7b15.6x13.9x0.8x
Tue, 31 Jan 2023€2.1t€2.6t€172.2b16.1x12.2x0.8x
Price to Earnings Ratio

12.2x


Total Market Cap: €2.1tTotal Earnings: €172.2bTotal Revenue: €2.6tTotal Market Cap vs Earnings and Revenue0%0%0%
German Market Price to Earnings3Y Average 19.3x202420252026
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 25.5x which is higher than its 3-year average PE of 19.3x.
Past Earnings Growth
  • The earnings for German listed companies have declined 15% 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-1.04%
Energy3.18%
Materials2.27%
Telecom0.13%
Consumer Discretionary-0.38%
Industrials-0.57%
Utilities-0.76%
Consumer Staples-1.15%
Healthcare-1.36%
Tech-1.48%
Financials-3.06%
Real Estate-3.90%
Sector PE
  • Investors favour the Consumer Discretionary sector the most for future growth, which is trading above its 3-year average PE ratio of 9.6x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 26.9% 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 56% over the next 5 years.
  • This is better than its past earnings decline of 9.1% per year.
  • In contrast, the Telecom sector is expected to see its earnings grow by 3.2% 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€141.754.0%
+€4.7b		134.8%PE85.7xIndustrials
BAYN Bayer€44.567.3%
+€3.0b		113.2%PS1xHealthcare
BAS BASF€46.103.4%
+€1.3b		-1.9%PE131.6xMaterials
SHA0 Schaeffler€11.8912.5%
+€1.2b		190.9%PS0.5xConsumer Discretionary
HEI Heidelberg Materials€237.201.7%
+€705.6m		72.8%PE22.5xMaterials
See more

Market Insights

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BAS
€46.10
BASF
7D
3.4%
1Y
-1.9%
SHA0
€11.89
Schaeffler
7D
12.5%
1Y
190.9%

SHA0: Higher Price Goal Will Clash With Persistent Execution And Valuation Risks

Narrative Update on Schaeffler Analysts have lifted their price target on Schaeffler to €5.00 from €4.70, reflecting updated assumptions for discount rate, revenue growth, profit margin, and future P/E that support a slightly higher valuation framework. Analyst Commentary The latest research points to a more measured stance on Schaeffler, even with the price target now set at €5.00.
OHB
€173.00
OHB
7D
23.1%
1Y
255.2%
SHL
€43.30
Siemens Healthineers
7D
-6.5%
1Y
-19.0%

SHL: Rising Dividend And Refined P E Assumptions Will Drive Future Upside

Analysts have nudged their average fair value estimate for Siemens Healthineers slightly lower to €56.16 from €56.41, reflecting recent price target trims from €62 to €58 and from €61 to €57, while still citing support from updated views on revenue growth, profit margins, and future P/E assumptions. Analyst Commentary Recent research shows a small pullback in headline targets for Siemens Healthineers, with price objectives adjusted to €58 and €57.
LHA
€8.80
Deutsche Lufthansa
7D
5.2%
1Y
42.6%

LHA: Turnaround Program And IT Overhaul Will Support Higher Future Earnings

Analysts have lifted their fair value estimate for Deutsche Lufthansa from €10.67 to €11.57, reflecting recent price target increases across several banks and updated assumptions on discount rate, revenue growth, profit margins and future P/E multiples. Analyst Commentary Recent Street research on Deutsche Lufthansa has been mixed, but there is a clear cluster of bullish analysts who see upside potential relative to prior expectations.
TKA
€11.31
thyssenkrupp
7D
9.6%
1Y
152.9%

TKA: Steel Unit Sale And Workforce Cuts Will Support Future Re Rating

Analysts have lifted their price targets for thyssenkrupp to as high as €8.70, up from prior levels around €6.30 to €8.30, reflecting updated views on the group’s risk profile, revenue trajectory, profitability and future P/E assumptions. Analyst Commentary Recent research points to a more constructive tone around thyssenkrupp, even where ratings remain cautious.
BAYN
€44.56
Bayer
7D
7.3%
1Y
113.2%
RHM
€1,830.00
Rheinmetall
7D
-3.8%
1Y
150.1%

RHM: Space Reconnaissance Contract Will Support Stronger Margins And Earnings Ahead

Analysts have trimmed their price expectations for Rheinmetall, with the latest target moving from €2,340 to €2,200, citing updated assumptions for discount rates, revenue growth, profit margins and future P/E multiples. Analyst Commentary Bullish analysts remain constructive on Rheinmetall, even after the latest adjustment to price assumptions.
MUV2
€507.60
Münchener Rückversicherungs-Gesellschaft in München
7D
-3.7%
1Y
-2.9%
ENR
€141.75
Siemens Energy
7D
4.0%
1Y
134.8%

ENR: Execution Risks In Energy Transition Projects Will Likely Pressure Future Returns

Analysts have lifted their fair value estimate for Siemens Energy from €51.38 to €68.84. The change reflects updated assumptions for revenue growth, profit margins and a higher future P/E multiple, informed by a series of recent price target increases and rating upgrades across the Street.
SIE
€254.40
Siemens
7D
-2.2%
1Y
22.0%
ADS
€143.75
adidas
7D
-10.1%
1Y
-43.5%

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.
HEI
€237.20
Heidelberg Materials
7D
1.7%
1Y
72.8%

HEI: Higher Multiple Outlook Will Support More Constructive Future Re Rating

Analysts have raised their price target on Heidelberg Materials from €240 to €300, citing higher expected growth. They see this as supporting a higher future P/E multiple, even with more conservative margin assumptions and a slightly higher discount rate.
DHL
€46.00
Deutsche Post
7D
-3.8%
1Y
29.0%

DHL: Cost Execution And Peak Season Recovery Will Support Earnings Quality

Analysts have lifted their fair value estimate for Deutsche Post to €56.65 from €55.18, reflecting updated views on cost execution, sequential peak season trends, and revised revenue growth, margin, and future P/E assumptions following recent research moves on DHL Group. Analyst Commentary Recent Street research on DHL Group points to a more balanced but still constructive stance on Deutsche Post, with several bullish analysts highlighting improved execution and refined expectations around earnings quality and valuation.
ALV
€363.90
Allianz
7D
-4.4%
1Y
17.8%

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.
SAP
€197.92
SAP
7D
-2.1%
1Y
-24.9%

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.