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German (DAX) Market Analysis & Valuation

UpdatedAug 15, 2026
DataAggregated Company Financials
Companies776
  • 7D0.2%
  • 3M6.0%
  • 1Y3.6%
  • YTD3.4%

The market has been flat in the last week, however the Consumer Staples sector is down 3.2%. More promisingly, the market is up 3.6% over the past year. Looking forward, earnings are forecast to grow by 15% annually.

Trending IndustriesOil and GasBiotechSoftwareRenewable Energy

Market Valuation and Performance

Has the German Market valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 15 Aug 2026€2.7t€2.7t€131.2b17x20.6x1x
Mon, 13 Jul 2026€2.6t€2.6t€126.6b16.9x20.5x1x
Wed, 10 Jun 2026€2.6t€2.6t€127.1b16.9x20.3x1x
Fri, 08 May 2026€2.6t€2.6t€124.4b17.6x21.2x1x
Sun, 05 Apr 2026€2.5t€2.6t€125.2b17.6x20x0.9x
Tue, 03 Mar 2026€2.7t€2.7t€105.0b18.1x25.8x1x
Thu, 29 Jan 2026€2.7t€2.7t€104.1b18.3x25.6x1x
Sat, 27 Dec 2025€2.6t€2.7t€103.6b17.9x25.1x1x
Mon, 24 Nov 2025€2.5t€2.7t€104.6b17.6x23.5x0.9x
Wed, 22 Oct 2025€2.6t€2.7t€101.5b18.3x25.4x1x
Fri, 19 Sep 2025€2.5t€2.7t€101.9b18.5x24.8x0.9x
Sun, 17 Aug 2025€2.6t€2.7t€101.6b19x25.9x1x
Tue, 15 Jul 2025€2.6t€2.7t€104.4b18.8x24.7x1x
Thu, 12 Jun 2025€2.6t€2.7t€103.6b19x24.9x1x
Sat, 10 May 2025€2.6t€2.7t€106.8b18.9x24x1x
Mon, 07 Apr 2025€2.3t€2.7t€107.9b17.3x21.3x0.9x
Wed, 05 Mar 2025€2.5t€2.7t€126.2b16.6x19.7x0.9x
Fri, 31 Jan 2025€2.4t€2.7t€114.6b16.8x21.2x0.9x
Sun, 29 Dec 2024€2.3t€2.7t€114.3b15.7x19.9x0.8x
Tue, 26 Nov 2024€2.3t€2.7t€113.0b15.7x19.9x0.8x
Thu, 24 Oct 2024€2.3t€2.7t€119.3b16.3x19.1x0.8x
Sat, 21 Sep 2024€2.2t€2.7t€119.6b17x18.4x0.8x
Mon, 19 Aug 2024€2.2t€2.7t€118.4b17.2x18.3x0.8x
Wed, 17 Jul 2024€2.2t€2.7t€111.2b18x19.9x0.8x
Fri, 14 Jun 2024€2.2t€2.7t€110.8b17.6x20.3x0.8x
Sun, 12 May 2024€2.3t€2.7t€113.3b17.7x20.1x0.8x
Tue, 09 Apr 2024€2.3t€2.8t€119.5b17.4x19.2x0.8x
Thu, 07 Mar 2024€2.2t€2.8t€126.2b15.9x17.6x0.8x
Sat, 03 Feb 2024€2.2t€2.9t€147.8b16.2x14.6x0.8x
Mon, 01 Jan 2024€2.2t€2.9t€146.5b16.8x14.7x0.8x
Wed, 29 Nov 2023€2.1t€2.9t€147.8b16.1x14.1x0.7x
Fri, 27 Oct 2023€2.0t€3.0t€132.5b15.3x14.8x0.7x
Sun, 24 Sep 2023€2.1t€3.0t€131.2b16x16x0.7x
Tue, 22 Aug 2023€2.1t€3.0t€131.8b16.2x16.1x0.7x
Price to Earnings Ratio

16.1x


Total Market Cap: €2.1tTotal Earnings: €131.8bTotal Revenue: €3.0tTotal Market Cap vs Earnings and Revenue0%0%0%
German Market Price to Earnings3Y Average 20.6x202420252026
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 20.6x.
Past Earnings Growth
  • The earnings for German listed companies have remained mostly flat over the last three years.
  • Meanwhile revenues have declined 4.0% per year.
  • This means that the cost of doing business could be reducing since sales have declined yet profits have remained steady.

Sector Trends

Which sectors have driven the changes within the German Market?

DE Market0.22%
Industrials1.63%
Financials1.18%
Energy0.82%
Tech0.71%
Materials-0.30%
Utilities-0.36%
Telecom-0.82%
Real Estate-1.12%
Consumer Discretionary-1.53%
Healthcare-2.27%
Consumer Staples-3.22%
Sector PE
  • Investors favour the Energy sector the most for future growth which is trading above its 3-year average PE ratio.
    • Analysts are expecting annual earnings growth of 37.2%, which is lower than the prior year's growth of 135.5% 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 37% over the next 5 years.
  • However this is lower than its past earnings growth rate of 135% per year.
  • In contrast, the Real Estate sector is expected to see its earnings decline by 2.1% 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€160.724.7%
+€6.1b		69.5%PE51.1xIndustrials
ALV Allianz€442.702.1%
+€3.4b		17.3%PE14.3xFinancials
SIE Siemens€284.001.5%
+€3.2b		21.2%PE27.7xIndustrials
RHM Rheinmetall€1.20k4.9%
+€2.6b		-25.8%PE46.4xIndustrials
SAP SAP€180.141.2%
+€2.5b		-24.0%PE26.7xTech
See more

Market Insights

Header cover image
Investing in a theme primarily based on demand could come unstuck. As the European heatwave has shown, adoption can be far more complicated than whether a product is needed, which is exactly the part investors tend to skip.
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Latest News

RWE
€58.90
RWE
7D
4.8%
1Y
69.1%
HLAG
€132.40
Hapag-Lloyd
7D
5.8%
1Y
10.7%
ADS
€157.55
adidas
7D
-4.0%
1Y
-5.2%
Narrative Update • Aug 13

ADS: World Cup Brand Momentum And Direct To Consumer Focus Will Drive Re Rating

Analysts have trimmed their fair value estimate for adidas stock to about €203 from roughly €208. This reflects slightly lower assumptions for revenue growth, profit margins, and future P/E multiples, along with a modestly higher discount rate, while still citing resilient brand momentum and ongoing product and marketing investments as key supports.
EOAN
€17.45
E.ON
7D
-8.3%
1Y
10.5%
ENR
€160.72
Siemens Energy
7D
4.7%
1Y
69.5%
MRK
€136.30
Merck KGaA
7D
-5.1%
1Y
21.6%
SIE
€284.00
Siemens
7D
1.5%
1Y
21.2%
SAP
€180.14
SAP
7D
1.2%
1Y
-24.0%
Narrative Update • Aug 12

SAP: Autonomous Enterprise AI Adoption Will Drive Future Multiple Repricing

The analyst price target for SAP has been reset slightly lower, with the updated fair value estimate moving from about €282 to roughly €267, as analysts factor in modestly softer revenue growth, a slightly lower profit margin outlook, and a reduced future P/E multiple, while still highlighting growing AI demand, resilient cloud backlogs, and the potential long term value of incumbent platforms. Analyst Commentary Recent Street research on SAP shows a mix of higher and lower price targets, but several bullish analysts continue to point to solid execution in cloud, rising interest in AI offerings, and the long term role of SAP as an incumbent platform provider.
UN0
€46.25
Uniper
7D
6.8%
1Y
22.5%
Narrative Update • Aug 12

UN0: Future Downgrade Risk Will Likely Follow Privatization And Compressed Earnings Multiple

Analysts have raised their price target for Uniper from about €34.67 to around €36.83, citing updated assumptions that include a lower discount rate, reduced revenue growth expectations, a higher profit margin, and a slightly lower future P/E multiple. What's in the News for Uniper Uniper reported adjusted net income for the first half of 2026 that was more than double the level in the first half of 2025, driven by its gas business performance.
ALV
€442.70
Allianz
7D
2.1%
1Y
17.3%
Narrative Update • Aug 11

ALV: Future Returns Will Hinge On Record Profits Buybacks And Asia Expansion

Allianz's updated analyst price target implies a fair value shift from about €413.90 to roughly €425.30, with analysts pointing to refreshed Street targets in the €411.70 to €450 range and modest adjustments to growth, discount rate and P/E assumptions to support the change. Analyst Commentary Recent research on Allianz points to a mixed but generally constructive stance on the stock, with several firms revisiting their valuation frameworks and updating price targets.
DTG
€45.10
Daimler Truck Holding
7D
-3.5%
1Y
8.9%
Narrative Update • Aug 11

DTG: Fuel Cell And Electrification Execution Risks Will Pressure Elevated P/E

Analysts have lifted the Daimler Truck Holding fair value estimate from about €35.01 to roughly €38.00, reflecting higher price targets in the €52 to €55 range and assessments that the company offers exposure to recovering North American and European truck markets, along with potential for valuation catch up. Analyst Commentary Recent Street research on Daimler Truck Holding has leaned constructive, with several firms lifting price targets into the €52 to €55 range and shifting to more positive ratings.
RHM
€1,202.00
Rheinmetall
7D
4.9%
1Y
-25.8%
Narrative Update • Aug 11

RHM: Defense Alliances And Mixed Orders Will Shape Future Earnings Resilience

The analyst price target for Rheinmetall has been reduced from about €1,150 to about €1,050, as analysts factor in updated assumptions for growth, profitability and valuation following a broad reset of Street targets. Analyst Commentary Recent Street research on Rheinmetall points to a more cautious tone, even though headline ratings remain mixed.
DTE
€28.67
Deutsche Telekom
7D
-1.3%
1Y
-7.0%
8TRA
€36.88
Traton
7D
-4.9%
1Y
16.1%
Narrative Update • Aug 07

8TRA: 2026 Outlook Will Balance Market Recovery Hopes With Margin Execution Risks

Analysts have raised Traton’s fair value estimate to €38.40 from €34.49 after a series of higher price targets in the €35 to €40 range, citing updated views on revenue growth, profit margins, and future P/E assumptions. Analyst Commentary Recent research on Traton shows a cluster of price targets in the mid to high €30s, with most firms maintaining neutral or equivalent ratings.
BAYN
€47.79
Bayer
7D
-4.1%
1Y
76.7%
Narrative Update • Aug 05

BAYN: Glyphosate Ruling And Mixed Pipeline Outlook Will Shape Future Re Rating Potential

Analysts have lifted their Bayer fair value estimate from €31.26 to €46.00, reflecting higher price targets in recent research and greater confidence that glyphosate liabilities could remain capped within existing provisions following the recent Supreme Court ruling. Analyst Commentary Recent research on Bayer has become more constructive after the Supreme Court ruling on glyphosate, but not all commentary is positive.
MBG
€46.03
Mercedes-Benz Group
7D
-2.3%
1Y
-14.0%