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German (DAX) Market Analysis & Valuation

UpdatedJul 01, 2026
DataAggregated Company Financials
Companies775
  • 7D-0.2%
  • 3M3.2%
  • 1Y1.3%
  • YTD-1.2%

Over the last 7 days, the market has remained flat, although notably the Healthcare sector gained 7.4% in that time. Similarly, the market is flat for the past 12 months. Earnings are forecast to grow by 17% 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, 01 Jul 2026€2.6t€2.6t€126.6b17x20.5x1x
Fri, 29 May 2026€2.7t€2.6t€127.1b17.5x20.9x1x
Sun, 26 Apr 2026€2.6t€2.6t€126.2b17.8x20.5x1x
Tue, 24 Mar 2026€2.5t€2.6t€100.0b17.2x24.5x0.9x
Thu, 19 Feb 2026€2.7t€2.7t€106.9b17.9x25.3x1x
Sat, 17 Jan 2026€2.7t€2.7t€103.6b18.3x25.9x1x
Mon, 15 Dec 2025€2.6t€2.7t€103.7b17.9x25x1x
Wed, 12 Nov 2025€2.6t€2.7t€100.0b17.8x25.5x0.9x
Fri, 10 Oct 2025€2.6t€2.7t€101.7b18.5x25.7x1x
Sun, 07 Sep 2025€2.6t€2.7t€101.8b18.6x25.1x1x
Tue, 05 Aug 2025€2.6t€2.7t€101.8b19x25.3x1x
Thu, 03 Jul 2025€2.6t€2.7t€103.9b18.6x24.6x0.9x
Sat, 31 May 2025€2.6t€2.7t€103.4b18.6x25x1x
Mon, 28 Apr 2025€2.5t€2.7t€111.7b18.1x22.1x0.9x
Wed, 26 Mar 2025€2.5t€2.7t€129.9b17.7x19.6x0.9x
Fri, 21 Feb 2025€2.5t€2.7t€112.2b16.9x22.2x0.9x
Sun, 19 Jan 2025€2.4t€2.7t€114.2b16.3x20.6x0.9x
Tue, 17 Dec 2024€2.3t€2.7t€114.2b16x20.2x0.8x
Thu, 14 Nov 2024€2.2t€2.7t€111.1b15.2x20x0.8x
Sat, 12 Oct 2024€2.3t€2.7t€119.0b16.5x19.2x0.8x
Mon, 09 Sep 2024€2.2t€2.7t€119.5b16.5x18.1x0.8x
Wed, 07 Aug 2024€2.1t€2.7t€110.0b16.5x18.9x0.8x
Fri, 05 Jul 2024€2.2t€2.7t€111.3b18x19.8x0.8x
Sun, 02 Jun 2024€2.2t€2.7t€110.9b17.6x20.2x0.8x
Tue, 30 Apr 2024€2.2t€2.8t€120.1b17x18.7x0.8x
Thu, 28 Mar 2024€2.3t€2.8t€122.0b17x18.9x0.8x
Sat, 24 Feb 2024€2.2t€2.9t€151.3b15.6x14.5x0.8x
Mon, 22 Jan 2024€2.1t€2.9t€146.5b16.1x14.4x0.7x
Wed, 20 Dec 2023€2.2t€2.9t€147.6b16.4x14.7x0.8x
Fri, 17 Nov 2023€2.1t€2.9t€152.9b16x13.6x0.7x
Sun, 15 Oct 2023€2.0t€3.0t€131.5b15.9x15.5x0.7x
Tue, 12 Sep 2023€2.1t€3.0t€131.1b16x16.3x0.7x
Thu, 10 Aug 2023€2.1t€3.0t€137.3b16.3x15.6x0.7x
Sat, 08 Jul 2023€2.1t€3.0t€138.8b16.8x15.3x0.7x
Price to Earnings Ratio

15.3x


Total Market Cap: €2.1tTotal Earnings: €138.8bTotal Revenue: €3.0tTotal Market Cap vs Earnings and Revenue0%0%0%
German Market Price to Earnings3Y Average 20.4x202420252026
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 3.0% per year over the last three years.
  • Revenues have also declined 4.3% 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-0.23%
Healthcare7.37%
Consumer Staples3.47%
Real Estate3.39%
Financials0.47%
Industrials0.31%
Tech0.046%
Utilities0.021%
Energy-2.01%
Consumer Discretionary-3.75%
Materials-4.57%
Telecom-6.47%
Sector PE
  • Investors favour the Materials sector the most for future growth, which is trading above its 3-year average PE ratio of 60.7x.
    • 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 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?

CompanyLast Price7D1YValuationSector
BAYN Bayer€48.4125.4%
+€9.6b		83.0%PS1.1xHealthcare
SIE Siemens€281.153.3%
+€6.9b		30.4%PE28.4xIndustrials
MRK Merck KGaA€146.858.8%
+€5.2b		30.6%PE25.2xHealthcare
ALV Allianz€414.102.2%
+€3.4b		20.8%PE13.1xFinancials
ENR Siemens Energy€165.802.0%
+€2.8b		79.5%PE63.7xIndustrials
See more

Market Insights

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Latest News

ENR
€165.80
Siemens Energy
7D
2.0%
1Y
79.5%
BAS
€46.78
BASF
7D
-4.3%
1Y
11.2%
DTE
€23.85
Deutsche Telekom
7D
-9.2%
1Y
-23.3%
BMW
€57.26
Bayerische Motoren Werke
7D
-6.2%
1Y
-24.0%
RHM
€990.50
Rheinmetall
7D
-15.1%
1Y
-41.8%
Narrative Update • Jun 29

RHM: Space And Defense Partnerships Will Support Long Term Earnings Visibility

Rheinmetall's updated analyst price target of €1,300, down from €1,700, reflects a reset in valuation multiples such as the future P/E along with recent Street target cuts, even as analysts broadly highlight the recent share pullback and selloff as a potential entry point. Analyst Commentary Recent research updates around Rheinmetall point to a more mixed setup, with several firms trimming price targets even when maintaining or upgrading their ratings.
DHL
€53.10
Deutsche Post
7D
4.0%
1Y
35.6%
MRK
€146.85
Merck KGaA
7D
8.8%
1Y
30.6%
SIE
€281.15
Siemens
7D
3.3%
1Y
30.4%
ALV
€414.10
Allianz
7D
2.2%
1Y
20.8%
DBK
€29.63
Deutsche Bank
7D
-4.3%
1Y
22.1%
UN0
€40.85
Uniper
7D
-9.9%
1Y
8.9%
Narrative Update • Jun 26

UN0: Future Downgrade Risk Will Likely Stem From Compressed Earnings Multiple

Analysts now set a revised fair value estimate for Uniper at about €34.67, up from €30.50, reflecting updated assumptions on growth, profitability and P/E, even as some research highlights valuation constraints and limited scope for near term guidance surprises. What’s in the News for Uniper Canada’s Ksi Lisims LNG project has secured agreements with Uniper and SEFE to supply low carbon Canadian LNG annually to Germany, according to a readout from the meeting between Canada’s Prime Minister and Germany’s Chancellor Friedrich Merz.
OHB
€282.50
OHB
7D
-24.7%
1Y
290.2%
Narrative Update • Jun 26

OHB: Capital Raise And Defense Expansion Will Reshape Future Business Profile

Analysts have raised their price target for OHB to €320 from €141, citing updated assumptions for revenue growth, profit margins and a higher future P/E multiple as the main drivers of the valuation change. What’s in the News for OHB OHB SE plans to raise about €500 million through a capital increase at €300 per new share via a subscription rights offering and private placement, with major shareholders including the Fuchs family and KKR waiving subscription rights to support a larger free float and higher stock liquidity.
MUV2
€488.50
Münchener Rückversicherungs-Gesellschaft in München
7D
2.8%
1Y
-10.4%
BAYN
€48.41
Bayer
7D
25.4%
1Y
83.0%
Narrative Update • Jun 24

BAYN: Litigation Progress And Key Approvals Will Drive Future Re Rating

Analysts nudged their average price target for Bayer slightly higher to about €40.50, citing updated views on litigation risks, the outlook for the asundexian pipeline, and recent recalibrations of valuation multiples such as forward P/E. Analyst Commentary Recent Street research around Bayer highlights a mixed but gradually improving tone, with several bullish analysts adjusting price targets and ratings as they reassess litigation exposure, the asundexian opportunity, and the conglomerate discount.
ADS
€179.40
adidas
7D
4.9%
1Y
-13.0%
HEI
€166.90
Heidelberg Materials
7D
-9.1%
1Y
-13.2%
Narrative Update • Jun 22

HEI: Autonomous Quarry Rollout And Upgraded Ratings Will Support Future Re Rating

The analyst price target for Heidelberg Materials has been revised to €292 from €285, with analysts citing recent target increases and upgrades as support for the updated view. Analyst Commentary Bullish analysts covering Heidelberg Materials are highlighting recent target changes and upgrades as signs of growing confidence in the company’s outlook and execution.