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German (DAX) Market Analysis & Valuation

UpdatedJul 30, 2026
DataAggregated Company Financials
Companies778
  • 7D1.2%
  • 3M2.1%
  • 1Y0.7%
  • YTD0.5%

The market has climbed 1.2% in the last 7 days, lead by the Information Technology sector with a gain of 5.3%. On the other hand, with a decline of 4.2%, the Utilities sector is lagging behind. As for last year, the market performance has been flat. 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
Thu, 30 Jul 2026€2.6t€2.6t€127.3b17.4x20.7x1x
Sat, 27 Jun 2026€2.6t€2.6t€126.9b16.8x20.3x1x
Mon, 25 May 2026€2.6t€2.6t€127.0b17x20.8x1x
Wed, 22 Apr 2026€2.6t€2.6t€125.9b17.9x20.8x1x
Fri, 20 Mar 2026€2.5t€2.6t€100.3b17.5x24.7x0.9x
Sun, 15 Feb 2026€2.7t€2.7t€106.9b17.6x24.9x1x
Tue, 13 Jan 2026€2.7t€2.7t€103.6b18.3x26.2x1x
Thu, 11 Dec 2025€2.6t€2.7t€102.1b17.8x25.3x1x
Sat, 08 Nov 2025€2.5t€2.7t€99.7b17.7x25.1x0.9x
Mon, 06 Oct 2025€2.6t€2.7t€101.6b18.3x25.5x1x
Wed, 03 Sep 2025€2.5t€2.5t€95.1b18.5x26.2x1x
Fri, 01 Aug 2025€2.6t€2.7t€102.8b19x25.4x1x
Sun, 29 Jun 2025€2.6t€2.7t€103.7b19.1x24.7x0.9x
Tue, 27 May 2025€2.6t€2.8t€82.4b19.1x31.5x0.9x
Thu, 24 Apr 2025€2.4t€2.7t€110.3b17.9x22.1x0.9x
Sat, 22 Mar 2025€2.5t€2.7t€126.6b17.8x20.1x0.9x
Mon, 17 Feb 2025€2.5t€2.7t€112.2b17x22.3x0.9x
Wed, 15 Jan 2025€2.3t€2.7t€114.5b16x20x0.8x
Fri, 13 Dec 2024€2.3t€2.7t€114.2b16.2x20.4x0.9x
Sun, 10 Nov 2024€2.2t€2.7t€111.1b15.3x20.2x0.8x
Tue, 08 Oct 2024€2.3t€2.7t€119.4b17x19x0.8x
Thu, 05 Sep 2024€2.2t€2.7t€119.5b16.9x18.4x0.8x
Sat, 03 Aug 2024€2.1t€2.7t€110.5b17x19.1x0.8x
Mon, 01 Jul 2024€2.2t€2.7t€110.8b17.8x19.8x0.8x
Wed, 29 May 2024€2.3t€2.7t€110.8b17.7x20.4x0.8x
Fri, 26 Apr 2024€2.2t€2.8t€118.8b16.8x18.8x0.8x
Sun, 24 Mar 2024€2.3t€2.8t€122.4b16.5x18.5x0.8x
Tue, 20 Feb 2024€2.2t€2.9t€151.2b15.9x14.3x0.8x
Thu, 18 Jan 2024€2.1t€2.9t€146.5b16.1x14.3x0.7x
Sat, 16 Dec 2023€2.2t€2.9t€147.6b16.3x14.7x0.8x
Mon, 13 Nov 2023€2.0t€2.9t€150.5b15.5x13.4x0.7x
Wed, 11 Oct 2023€2.1t€3.0t€131.5b15.6x15.8x0.7x
Fri, 08 Sep 2023€2.1t€3.0t€131.2b16.2x16.1x0.7x
Sun, 06 Aug 2023€2.2t€3.0t€142.9b16.3x15.2x0.7x
Price to Earnings Ratio

15.2x


Total Market Cap: €2.2tTotal Earnings: €142.9bTotal 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 companies in the German industry have declined 3.8% 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 Market1.23%
Tech5.31%
Healthcare4.29%
Consumer Staples1.95%
Telecom1.64%
Consumer Discretionary1.45%
Financials1.33%
Materials1.08%
Real Estate0.78%
Industrials-0.41%
Utilities-4.24%
Energy-5.56%
Sector PE
  • Investors favour the Materials sector the most for future growth, which is trading above its 3-year average PE ratio of 62.1x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 18.4%, 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 Real Estate 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
SAP SAP€162.0422.7%
+€32.9b		-36.0%PE24xTech
RHM Rheinmetall€1.15k14.4%
+€6.8b		-33.4%PE51.1xIndustrials
MRK Merck KGaA€145.106.0%
+€3.6b		30.4%PE24.9xHealthcare
DTG Daimler Truck Holding€48.5610.3%
+€3.4b		13.1%PE31.4xIndustrials
SHL Siemens Healthineers€37.548.6%
+€3.3b		-24.1%PE19.9xHealthcare
See more

Market Insights

Header cover image
Healthcare just hit its lowest market weight since 1994. But dig deeper into the sector, and the collapse starts to look like a costume in some ways.
Continue reading
A brand’s strength doesn’t always last

Latest News

SAP
€162.04
SAP
7D
22.7%
1Y
-36.0%
HOT
€429.80
HOCHTIEF
7D
-6.5%
1Y
124.1%
MRK
€145.10
Merck KGaA
7D
6.0%
1Y
30.4%
AIXA
€33.34
AIXTRON
7D
-19.9%
1Y
121.2%
ENR
€135.18
Siemens Energy
7D
-11.3%
1Y
32.5%
Narrative Update • Jul 28

ENR: Gas Power Contracts And Buyback Will Drive Future Upside Potential

Analysts have nudged their fair value estimate for Siemens Energy higher from €195.08 to €199.08, reflecting updated assumptions that include a lower discount rate and slightly firmer expectations for revenue growth, profit margin and future P/E multiples despite mixed sentiment on the stock. Analyst Commentary Recent Street research on Siemens Energy gives a mixed picture, with several bullish analysts lifting price targets while more cautious voices focus on execution risk and segment level pressures.
DTG
€48.56
Daimler Truck Holding
7D
10.3%
1Y
13.1%
Narrative Update • Jul 28

DTG: Truck Market Recovery And Policy Shifts Will Shape Future Confidence

The analyst price target for Daimler Truck Holding in this update moves from €46.29 to €49.41, supported by recent research that highlights improving truck market conditions in North America and Europe, a higher assumed future P/E multiple, and a slightly lower discount rate. Analyst Commentary Recent research on Daimler Truck Holding has become more constructive, with several bullish analysts lifting ratings and price targets as they reassess the company’s earnings power and valuation against improving truck markets in North America and Europe.
RHM
€1,153.40
Rheinmetall
7D
14.4%
1Y
-33.4%
Narrative Update • Jul 27

RHM: Space And Defense Alliances Will Support Future Earnings Resilience

The analyst fair value estimate for Rheinmetall has been adjusted from €1,300 to €1,150. This change reflects a series of recent Street price target reductions, even as analysts highlight the recent share pullback and maintain broadly constructive ratings on the stock.
8TRA
€40.32
Traton
7D
10.5%
1Y
34.2%
Analysis Article • Jul 26

Traton SE Just Beat Earnings Expectations: Here's What Analysts Think Will Happen Next

Shareholders of Traton SE ( ETR:8TRA ) will be pleased this week, given that the stock price is up 11% to €39.60...
CBK
€36.85
Commerzbank
7D
-4.1%
1Y
16.4%
SHL
€37.54
Siemens Healthineers
7D
8.6%
1Y
-24.1%
DB1
€270.50
Deutsche Börse
7D
6.6%
1Y
7.0%
RWE
€55.68
RWE
7D
-5.6%
1Y
53.2%
Narrative Update • Jul 23

RWE: Future Returns Will Reflect Offshore Wind And Fusion Optionality

RWE's updated analyst price target edges higher to about €65.89 from €64.60, as analysts factor in slightly different assumptions on revenue growth, profit margins and discount rates, alongside a series of recent price target increases across the Street. Analyst Commentary Recent research on RWE highlights a cluster of higher price targets and mixed views on risk, giving you a clearer sense of how the Street is thinking about the company’s valuation and execution priorities.
IFX
€54.48
Infineon Technologies
7D
-21.9%
1Y
51.8%
Narrative Update • Jul 21

IFX: Dresden Smart Power Fab Will Drive Future AI Power Upside

Infineon Technologies' analyst fair value estimate has moved from €80.0 to €114.0. This reflects analysts' updated assumptions for faster revenue growth and higher profit margins supported by a broad wave of price target increases across the Street, including recent revisions up to €100 that cite stronger semiconductor fundamentals, AI power demand, and available capacity. Analyst Commentary Recent commentary on Infineon Technologies points to a cluster of higher valuation marks across the semiconductor coverage universe, with several bullish analysts updating their models around demand for AI power, industrial and data center markets, and the company’s available capacity.
UN0
€41.05
Uniper
7D
-6.0%
1Y
14.0%
EOAN
€18.71
E.ON
7D
-4.5%
1Y
18.2%
Narrative Update • Jul 15

EOAN: Rebased Fair Value And Confirmed Dividend Will Shape Returns Outlook

Analysts have raised the fair value estimate for E.ON stock from about €19.79 to roughly €20.26. This adjustment reflects recent upward revisions to Street price targets, which are now around €19 to €22, as well as analysts’ expectations for supportive earnings trends in the utilities sector.
MUV2
€524.20
Münchener Rückversicherungs-Gesellschaft in München
7D
4.0%
1Y
-8.5%