Narrative Update • May 19
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German (DAX) Market Analysis & Valuation
UpdatedMay 22, 2026
DataAggregated Company Financials
Companies771
- 7D0.6%
- 3M-3.4%
- 1Y0.2%
- YTD-0.3%
The market has climbed 2.0% in the last 7 days, lead by the Information Technology sector with a gain of 9.0%. In contrast, the Materials sector is lagging, dropping 3.8%. The market has been flat overall in the last year. Earnings are forecast to grow by 17% annually.
Market Valuation and Performance
Has the German Market valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Fri, 22 May 2026 | €2.6t | €2.6t | €126.8b | 16.8x | 20.6x | 1x |
| Sun, 19 Apr 2026 | €2.7t | €2.6t | €125.9b | 18.3x | 21.1x | 1x |
| Tue, 17 Mar 2026 | €2.5t | €2.6t | €100.0b | 17.9x | 25.3x | 1x |
| Thu, 12 Feb 2026 | €2.7t | €2.7t | €106.2b | 17.3x | 25.1x | 1x |
| Sat, 10 Jan 2026 | €2.7t | €2.7t | €103.6b | 18.2x | 26x | 1x |
| Mon, 08 Dec 2025 | €2.6t | €2.7t | €102.1b | 18.1x | 25.2x | 1x |
| Wed, 05 Nov 2025 | €2.5t | €2.7t | €97.7b | 17.8x | 26x | 0.9x |
| Fri, 03 Oct 2025 | €2.6t | €2.7t | €101.6b | 18.4x | 25.5x | 1x |
| Sun, 31 Aug 2025 | €2.6t | €2.7t | €101.6b | 18.7x | 25.5x | 1x |
| Tue, 29 Jul 2025 | €2.6t | €2.7t | €106.2b | 18.7x | 24.3x | 1x |
| Thu, 26 Jun 2025 | €2.5t | €2.7t | €103.7b | 18.7x | 24.3x | 0.9x |
| Sat, 24 May 2025 | €2.6t | €2.8t | €82.5b | 18.9x | 31x | 0.9x |
| Mon, 21 Apr 2025 | €2.4t | €2.7t | €107.8b | 17.6x | 22x | 0.9x |
| Wed, 19 Mar 2025 | €2.6t | €2.7t | €124.0b | 17.9x | 20.9x | 1x |
| Fri, 14 Feb 2025 | €2.5t | €2.7t | €113.4b | 16.9x | 22.2x | 0.9x |
| Sun, 12 Jan 2025 | €2.3t | €2.7t | €114.5b | 16.7x | 20x | 0.8x |
| Tue, 10 Dec 2024 | €2.3t | €2.7t | €114.2b | 16x | 20.4x | 0.9x |
| Thu, 07 Nov 2024 | €2.2t | €2.7t | €115.5b | 15.4x | 19.3x | 0.8x |
| Sat, 05 Oct 2024 | €2.3t | €2.7t | €119.9b | 16.4x | 19x | 0.8x |
| Mon, 02 Sep 2024 | €2.2t | €2.7t | €119.4b | 16.9x | 18.7x | 0.8x |
| Wed, 31 Jul 2024 | €2.2t | €2.7t | €109.6b | 17.9x | 20x | 0.8x |
| Fri, 28 Jun 2024 | €2.2t | €2.7t | €110.8b | 17.3x | 19.8x | 0.8x |
| Sun, 26 May 2024 | €2.3t | €2.7t | €110.9b | 17.4x | 20.3x | 0.8x |
| Tue, 23 Apr 2024 | €2.2t | €2.8t | €119.5b | 17.2x | 18.5x | 0.8x |
| Thu, 21 Mar 2024 | €2.2t | €2.8t | €120.8b | 16.4x | 18.6x | 0.8x |
| Sat, 17 Feb 2024 | €2.2t | €2.9t | €151.4b | 16x | 14.3x | 0.8x |
| Mon, 15 Jan 2024 | €2.1t | €2.9t | €146.5b | 16.7x | 14.6x | 0.7x |
| Wed, 13 Dec 2023 | €2.2t | €2.9t | €147.6b | 16.1x | 14.6x | 0.8x |
| Fri, 10 Nov 2023 | €2.0t | €2.9t | €154.7b | 15.7x | 13.1x | 0.7x |
| Sun, 08 Oct 2023 | €2.1t | €3.0t | €131.4b | 15.8x | 15.6x | 0.7x |
| Tue, 05 Sep 2023 | €2.1t | €3.0t | €130.4b | 16.1x | 16.4x | 0.7x |
| Thu, 03 Aug 2023 | €2.2t | €3.0t | €136.9b | 16.4x | 16x | 0.7x |
| Sat, 01 Jul 2023 | €2.2t | €3.0t | €140.3b | 16.9x | 15.6x | 0.7x |
| Mon, 29 May 2023 | €2.2t | €3.0t | €140.1b | 16.8x | 15.5x | 0.7x |
Price to Earnings Ratio
15.5x
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 20.2x.
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 | 0.55% | |
| Tech | 3.76% | |
| Telecom | 2.99% | |
| Healthcare | 2.93% | |
| Consumer Staples | 2.03% | |
| Utilities | 1.88% | |
| Financials | 1.87% | |
| Consumer Discretionary | -1.02% | |
| Real Estate | -1.44% | |
| Industrials | -1.50% | |
| Materials | -3.03% | |
| Energy | -6.02% | |
Sector PE
- Investors favour the Materials sector the most for future growth, which is trading above its 3-year average PE ratio of 58.7x.
- The market's confidence is likely because analysts are expecting annual earnings growth of 32.7%, 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 42% over the next 5 years.
- However this is lower than its past earnings growth rate of 70% per year.
- In contrast, the Utilities sector is expected to see its earnings decline by 3.4% per year over the next few years.
Top Stock Gainers and Losers
Which companies have driven the market over the last 7 days?
| Company | Last Price | 7D | 1Y | Valuation | Sector | |
|---|---|---|---|---|---|---|
| SAP SAP | €150.90 | 6.9% +€11.3b | -43.2% | PE24.1x | Tech | |
| DTE Deutsche Telekom | €29.13 | 4.7% +€6.3b | -15.0% | PE15.9x | Telecom | |
| RHM Rheinmetall | €1.21k | 5.8% +€3.1b | -31.7% | PE53.6x | Industrials | |
| DB1 Deutsche Börse | €258.00 | 6.1% +€2.7b | -10.3% | PE22.9x | Financials | |
| MRK Merck KGaA | €126.40 | 4.7% +€2.5b | 10.6% | PE21.7x | Healthcare |
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