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German (DAX) Market Analysis & Valuation

UpdatedMar 18, 2026
DataAggregated Company Financials
Companies775
  • 7D-0.3%
  • 3M-0.4%
  • 1Y-2.3%
  • YTD-2.5%

In the last week, the market has stayed flat, however the Utilities sector stood out, gaining 8.9%. Similarly, the market is flat for the past 12 months. Earnings are forecast to grow by 16% annually.

Trending IndustriesOil and GasBiotechSoftwareRenewable Energy

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
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
Tue, 30 May 2023€2.2t€3.0t€140.6b17.1x15.5x0.7x
Thu, 27 Apr 2023€2.2t€3.0t€147.0b17.2x15.1x0.7x
Sat, 25 Mar 2023€2.1t€3.0t€149.6b16x14.1x0.7x
Price to Earnings Ratio

14.1x


Total Market Cap: €2.1tTotal Earnings: €149.6bTotal Revenue: €3.0tTotal Market Cap vs Earnings and Revenue0%0%0%
German Market Price to Earnings3Y Average 19.9x202420252026
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 25.6x which is higher than its 3-year average PE of 19.9x.
Past Earnings Growth
  • The earnings for companies in the German industry have declined 13% per year over the last three years.
  • Revenues have also declined 4.0% 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-0.34%
Utilities8.86%
Energy3.83%
Financials2.37%
Telecom1.08%
Materials1.04%
Healthcare-0.84%
Consumer Discretionary-1.54%
Tech-2.18%
Industrials-2.38%
Real Estate-2.73%
Consumer Staples-4.63%
Sector PE
  • Investors favour the Materials sector the most for future growth, which is trading close to its 3-year average PE ratio of 55.4x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 32.3% which is higher than its past year's earnings decline of 1.4% 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 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
UN0 Uniper€46.1034.6%
+€4.9b		-0.7%PE13.7xUtilities
HLAG Hapag-Lloyd€154.2015.9%
+€3.7b		4.9%PE17.6xIndustrials
RWE RWE€58.648.2%
+€3.1b		76.4%PE13.3xUtilities
EOAN E.ON€20.306.2%
+€3.1b		55.0%PE30.6xUtilities
HNR1 Hannover Rück€273.8010.2%
+€3.1b		-0.4%PE12.5xFinancials
See more

Market Insights

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Latest News

HLAG
€154.20
Hapag-Lloyd
7D
15.9%
1Y
4.9%
ENR
€149.85
Siemens Energy
7D
-5.0%
1Y
146.3%

ENR: Data Center Power Spending And Wind Repair Will Drive Future Returns

Analysts have nudged their Siemens Energy price target higher to about €166 from roughly €161, reflecting updated views on revenue growth, profit margins, and the discount rate following recent upgrades and target increases from several firms. Analyst Commentary Recent research on Siemens Energy has centered on how the company can execute against long term growth themes and what that might mean for valuation over the next few years.
RWE
€58.64
RWE
7D
8.2%
1Y
76.4%
UN0
€46.10
Uniper
7D
34.6%
1Y
-0.7%
BMW
€79.36
Bayerische Motoren Werke
7D
-1.3%
1Y
-6.3%
DBK
€25.87
Deutsche Bank
7D
-5.8%
1Y
13.1%
HNR1
€273.80
Hannover Rück
7D
10.2%
1Y
-0.4%
EOAN
€20.30
E.ON
7D
6.2%
1Y
55.0%

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SIE
€219.15
Siemens
7D
-5.6%
1Y
-7.5%

SIE: Data Center And Industrial AI Exposure Will Support 2026 Outlook

Our updated analyst price target for Siemens edges higher to €275.81 from €274.85, reflecting modest tweaks to growth, margin and discount rate assumptions. These are in line with recent Street research that has lifted targets across several banks and highlighted potential earnings support from data center spending and what analysts describe as more attractive entry levels after the recent pullback.
SHL
€38.46
Siemens Healthineers
7D
-3.8%
1Y
-27.5%
DHL
€44.66
Deutsche Post
7D
-4.5%
1Y
4.3%

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MUV2
€553.40
Münchener Rückversicherungs-Gesellschaft in München
7D
4.5%
1Y
-5.1%

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The analyst price target for Münchener Rückversicherungs Gesellschaft in München has been adjusted slightly lower to reflect a blended view from recent Street research, with targets ranging from about €520 to just over €590, as analysts factor in updated assumptions on revenue growth, profit margins, and a lower future P/E multiple. Analyst Commentary Recent Street research on Münchener Rückversicherungs Gesellschaft in München clusters around a similar valuation range, with several firms trimming their price targets while keeping ratings broadly unchanged.
ALV
€362.10
Allianz
7D
2.2%
1Y
1.1%

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Analysts have inched their average price targets on Allianz higher, with recent moves such as Morgan Stanley lifting its view to €390 and RBC Capital setting €400. These changes reflect updated assumptions on fair value, revenue growth and future P/E multiples.
IFX
€39.64
Infineon Technologies
7D
-4.1%
1Y
12.1%

IFX: China Inventory Risk Will Set Up Future Margin Reassessment

Infineon Technologies' blended analyst price target has edged higher to about €49.22 from €48.78 as analysts balance concerns about China-related inventory risk and margin headwinds with a series of recent price target increases from major firms. Analyst Commentary Recent Street research on Infineon shows a mix of optimism around its long term positioning and caution around nearer term execution risks, which helps explain the relatively modest change in the blended price target.
SAP
€166.24
SAP
7D
-2.0%
1Y
-32.6%

SAP: Cloud Conversion And AI Execution Will Drive Future Upside

The updated analyst price target for SAP moves lower to about €250 from roughly €282, as analysts factor in more moderate revenue growth assumptions, a slightly higher discount rate and a lower future P/E multiple, even as margin expectations edge higher and several firms trim price targets despite generally constructive ratings. Analyst Commentary Recent Street research on SAP shows a mix of optimism and caution, with several firms adjusting ratings and price targets while keeping a generally constructive stance on the equity story.
DTE
€33.45
Deutsche Telekom
7D
1.9%
1Y
-1.0%