German (DAX) Market Analysis & Valuation

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, 19 Jun 2026	€2.6t	€2.6t	€126.9b	17.1x	20.6x	1x
Sun, 17 May 2026	€2.6t	€2.6t	€126.9b	17.2x	20.2x	1x
Tue, 14 Apr 2026	€2.6t	€2.6t	€125.7b	17.5x	20.4x	1x
Thu, 12 Mar 2026	€2.5t	€2.7t	€99.6b	17.7x	25.5x	1x
Sat, 07 Feb 2026	€2.7t	€2.7t	€106.1b	17.4x	25x	1x
Mon, 05 Jan 2026	€2.6t	€2.7t	€104.2b	18.3x	25.3x	1x
Wed, 03 Dec 2025	€2.5t	€2.7t	€102.2b	17.9x	24.9x	0.9x
Fri, 31 Oct 2025	€2.6t	€2.7t	€99.9b	18.2x	25.7x	0.9x
Sun, 28 Sep 2025	€2.5t	€2.7t	€102.0b	18.6x	24.8x	0.9x
Tue, 26 Aug 2025	€2.6t	€2.7t	€100.3b	19.2x	26.2x	1x
Thu, 24 Jul 2025	€2.6t	€2.7t	€104.3b	18.8x	24.9x	1x
Sat, 21 Jun 2025	€2.5t	€2.7t	€103.6b	18.6x	24.1x	0.9x
Mon, 19 May 2025	€2.6t	€2.7t	€103.5b	19.3x	25x	1x
Wed, 16 Apr 2025	€2.4t	€2.7t	€107.8b	17.8x	22x	0.9x
Fri, 14 Mar 2025	€2.5t	€2.7t	€123.5b	16.7x	20.3x	0.9x
Sun, 09 Feb 2025	€2.4t	€2.7t	€113.3b	16.7x	21.5x	0.9x
Tue, 07 Jan 2025	€2.3t	€2.7t	€114.5b	16.2x	20.1x	0.8x
Thu, 05 Dec 2024	€2.3t	€2.7t	€114.1b	15.8x	20.2x	0.8x
Sat, 02 Nov 2024	€2.2t	€2.7t	€115.9b	15.3x	19.4x	0.8x
Mon, 30 Sep 2024	€2.3t	€2.7t	€119.8b	16.7x	19.2x	0.9x
Wed, 28 Aug 2024	€2.2t	€2.7t	€119.0b	16.6x	18.6x	0.8x
Fri, 26 Jul 2024	€2.2t	€2.7t	€110.2b	17.5x	19.8x	0.8x
Sun, 23 Jun 2024	€2.2t	€2.7t	€110.6b	17.2x	19.6x	0.8x
Tue, 21 May 2024	€2.3t	€2.7t	€110.1b	17.7x	20.6x	0.8x
Thu, 18 Apr 2024	€2.2t	€2.8t	€119.1b	17.1x	18.6x	0.8x
Sat, 16 Mar 2024	€2.2t	€2.8t	€121.3b	16x	18.4x	0.8x
Mon, 12 Feb 2024	€2.1t	€2.9t	€152.2b	16.1x	14.1x	0.8x
Wed, 10 Jan 2024	€2.1t	€2.9t	€146.5b	16.2x	14.7x	0.8x
Fri, 08 Dec 2023	€2.1t	€2.9t	€147.7b	16x	14.5x	0.7x
Sun, 05 Nov 2023	€2.0t	€2.9t	€160.8b	15.8x	12.6x	0.7x
Tue, 03 Oct 2023	€2.1t	€3.0t	€131.2b	16x	15.8x	0.7x
Thu, 31 Aug 2023	€2.1t	€3.0t	€131.9b	16.2x	16.3x	0.7x
Sat, 29 Jul 2023	€2.2t	€3.0t	€138.5b	17.1x	16.1x	0.7x
Mon, 26 Jun 2023	€2.1t	€3.0t	€140.4b	17.2x	15.3x	0.7x

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 4.4% 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	2.42%
Industrials	6.30%
Materials	5.35%
Financials	4.58%
Consumer Staples	2.58%
Real Estate	1.80%
Healthcare	0.68%
Consumer Discretionary	0.30%
Utilities	-0.23%
Energy	-0.38%
Tech	-1.92%
Telecom	-4.13%

Sector PE

Investors favour the Materials sector the most for future growth, which is trading above its 3-year average PE ratio of 60.1x.

The market's confidence is likely because analysts are expecting annual earnings growth of 31.5%, 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 40% 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?

Company	Last Price	7D	1Y	Valuation	Sector
ENR Siemens Energy	€168.60	14.7% +€18.5b	94.9%	PE64.8x	Industrials
SIE Siemens	€276.80	7.1% +€14.1b	33.1%	PE28x	Industrials
DBK Deutsche Bank	€30.94	14.8% +€7.5b	30.0%	PE9.7x	Financials
IFX Infineon Technologies	€82.00	6.4% +€6.4b	140.8%	PE99.2x	Tech
ALV Allianz	€397.70	3.8% +€5.4b	19.3%	PE12.6x	Financials

UniCredit S.p.A. (BIT:UCG) cancelled the acquisition of remaining 73.98% stake in Commerzbank AG (XTRA:CBK).

UniCredit S.p.A. (BIT:UCG) made a voluntary public takeover offer to acquire remaining 73.98% stake in Commerzbank AG (XTRA:CBK) for €25.7 billion on March 16, 2026. Subject to the offer conditions in the offer document, the Bidder intends to offer the minimum consideration prescribed under German law, which will finally be determined by the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht) and which the Bidder expects to be 0.485 new ordinary shares in UniCredit (UniCredit Offer Shares) for each tendered Commerzbank Share. The consummation of the Offer will be subject to certain closing conditions to be further detailed in the offer document. These will include merger control, foreign investment control, and EU foreign subsidies clearances, regulatory clearances (including, but not limited to, clearance by the European Central Bank and German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht) in Germany) as well as other customary offer conditions. The Offer is expected to be formally launched at the beginning of May with an offer period of 4 weeks. Subject to the fulfilment or waiver by UniCredit of the conditions to the Offer, settlement is expected to be completed by the first half of 2027 after having obtained all necessary regulatory clearances, as will be further detailed in the offer document. As of April 7, 2026, Commerzbank currently sees no basis for a mutually agreed value-accretive transaction after interactions with UniCredit which did not demonstrated sufficient value upside potential for its shareholders beyond the current standalone strategy. UniCredit has also shown no willingness to offer Commerzbank shareholders a necessary adequate premium. Commerzbank will continue to focus on the successful implementation of its standalone strategy. Commerzbank remains open to discussions and proposals that create concrete value for its shareholders and stakeholders. As of May 4, 2026, UniCredit publishes offer document with unchanged terms: 0.485 UniCredit shares per Commerzbank share, corresponding to approximately €31.07 per share based on UniCredit's closing price of €64.06. Unicredit shareholders approved a capital increase for the bank which should allow it to launch this offer of nearly €35 billion. The offer is open for six weeks, until June 16, 2026. The Management Board and Supervisory Board of Commerzbank will carefully examine the offer document and publish their reasoned statement in accordance with Section 27 of the German Securities Acquisition and Takeover Act (WpÜG) within the statutory period. As on May 18, 2026, Commerzbank's supervisory and management boards recommend that shareholders not accept UniCredit's exchange offer. As of June 2, 2026, UniCredit S.p.A. secured 7.58% of the capital from Commerzbank shareholders. Combined with the 26.77% stake it already held, UniCredit's shareholding would rise to 34.35% stake in Commerzbank AG. Freshfields LLP (Italy Branch) and Cappelli Riolo Calderaro Crisostomo Del Din & Partners (CRCCD) advised UniCredit on the legal aspects of the transaction. UniCredit S.p.A. (BIT:UCG) cancelled the acquisition of remaining 73.98% stake in Commerzbank AG (XTRA:CBK) on June 16, 2026. The transaction was rejected by German Federal Financial Supervisory Authority on June 16, 2026.

German (DAX) Market Analysis & Valuation

Market Valuation and Performance

Sector Trends

Top Stock Gainers and Losers

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