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
Sun, 14 Jun 2026	€2.6t	€2.6t	€127.0b	16.9x	20.5x	1x
Tue, 12 May 2026	€2.6t	€2.6t	€124.1b	17.5x	20.9x	1x
Thu, 09 Apr 2026	€2.6t	€2.6t	€125.5b	17.7x	20.6x	1x
Sat, 07 Mar 2026	€2.5t	€2.7t	€99.8b	17.8x	25.5x	1x
Mon, 02 Feb 2026	€2.6t	€2.7t	€105.5b	17.8x	25x	1x
Wed, 31 Dec 2025	€2.6t	€2.7t	€103.6b	18.2x	25.3x	1x
Fri, 28 Nov 2025	€2.5t	€2.7t	€104.4b	17.7x	24.3x	0.9x
Sun, 26 Oct 2025	€2.6t	€2.7t	€101.0b	18.1x	25.6x	1x
Tue, 23 Sep 2025	€2.5t	€2.7t	€101.8b	18.4x	24.7x	0.9x
Thu, 21 Aug 2025	€2.6t	€2.7t	€100.3b	19x	26.2x	1x
Sat, 19 Jul 2025	€2.6t	€2.7t	€104.3b	18.4x	24.8x	1x
Mon, 16 Jun 2025	€2.5t	€2.7t	€103.5b	19.1x	24.5x	0.9x
Wed, 14 May 2025	€2.6t	€2.7t	€107.3b	19.3x	24.1x	1x
Fri, 11 Apr 2025	€2.3t	€2.7t	€107.8b	16.6x	21.2x	0.9x
Sun, 09 Mar 2025	€2.6t	€2.7t	€124.9b	17.2x	20.5x	0.9x
Tue, 04 Feb 2025	€2.4t	€2.7t	€113.5b	16.8x	21.5x	0.9x
Thu, 02 Jan 2025	€2.3t	€2.7t	€114.5b	15.9x	19.8x	0.8x
Sat, 30 Nov 2024	€2.3t	€2.7t	€114.4b	15.7x	19.7x	0.8x
Mon, 28 Oct 2024	€2.3t	€2.7t	€118.0b	16.4x	19.5x	0.9x
Wed, 25 Sep 2024	€2.2t	€2.7t	€119.8b	16.6x	18.7x	0.8x
Fri, 23 Aug 2024	€2.2t	€2.7t	€118.4b	16.3x	18.5x	0.8x
Sun, 21 Jul 2024	€2.2t	€2.7t	€111.0b	17.7x	19.6x	0.8x
Tue, 18 Jun 2024	€2.2t	€2.7t	€110.8b	17.2x	19.7x	0.8x
Thu, 16 May 2024	€2.3t	€2.7t	€113.0b	17.8x	20.3x	0.8x
Sat, 13 Apr 2024	€2.2t	€2.8t	€119.7b	17.2x	18.8x	0.8x
Mon, 11 Mar 2024	€2.2t	€2.8t	€125.8b	15.6x	17.7x	0.8x
Wed, 07 Feb 2024	€2.2t	€2.9t	€149.8b	15.9x	14.4x	0.8x
Fri, 05 Jan 2024	€2.1t	€2.9t	€146.5b	16.2x	14.6x	0.7x
Sun, 03 Dec 2023	€2.1t	€2.9t	€147.4b	16.1x	14.5x	0.7x
Tue, 31 Oct 2023	€1.9t	€3.0t	€134.4b	15.6x	14.5x	0.7x
Thu, 28 Sep 2023	€2.0t	€3.0t	€131.1b	15.8x	15.6x	0.7x
Sat, 26 Aug 2023	€2.1t	€3.0t	€131.6b	16.2x	16.1x	0.7x
Mon, 24 Jul 2023	€2.2t	€3.0t	€133.4b	16.9x	16.3x	0.7x
Wed, 21 Jun 2023	€2.2t	€3.0t	€140.3b	17.3x	15.5x	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	-0.72%
Financials	2.49%
Consumer Staples	1.78%
Telecom	1.41%
Consumer Discretionary	1.38%
Real Estate	-0.062%
Materials	-0.70%
Utilities	-0.74%
Healthcare	-0.88%
Industrials	-1.26%
Energy	-3.86%
Tech	-6.86%

Sector PE

Investors favour the Materials sector the most for future growth, which is trading above its 3-year average PE ratio of 59.9x.

The market's confidence is likely because analysts are expecting annual earnings growth of 31.9%, 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 39% 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
ALV Allianz	€386.40	3.6% +€5.0b	13.1%	PE12.3x	Financials
IFX Infineon Technologies	€80.06	3.6% +€3.6b	126.0%	PE96.9x	Tech
DTE Deutsche Telekom	€28.32	2.4% +€3.2b	-7.8%	PE15.5x	Telecom
ADS adidas	€176.35	9.2% +€2.6b	-11.8%	PE22.5x	Consumer Discretionary
DBK Deutsche Bank	€28.74	4.4% +€2.3b	20.4%	PE9x	Financials

Company

Last Price

Valuation

Sector

ALV Allianz

€386.40

3.6%
+€5.0b

13.1%

PE12.3x

Financials

IFX Infineon Technologies

€80.06

3.6%
+€3.6b

126.0%

PE96.9x

Tech

DTE Deutsche Telekom

€28.32

2.4%
+€3.2b

-7.8%

PE15.5x

Telecom

ADS adidas

€176.35

9.2%
+€2.6b

-11.8%

PE22.5x

Consumer Discretionary

DBK Deutsche Bank

€28.74

4.4%
+€2.3b

20.4%

PE9x

Financials

SAP SE Receives VS-NfD Authorization To Use For SAP Cloud Infrastructure

SAP SE announced authorization to use from the German Federal Office for Information Security (BSI) to process information classified as "VS-NfD" ("Restricted - For Official Use Only") on SAP Cloud Infrastructure in Walldorf/St. Leon-Rot. SAP is therefore one of only a few providers in Germany that will be offering a cloud environment whose key security components have received corresponding authorization to use from the BSI - and currently the only provider whose platform will be able to support both SAP applications and customer-specific applications in a high-performance, VS-NfD-compliant environment in the near future. The authorization to use applies to workloads running on SAP Cloud Infrastructure in SAP's own data centers in the Walldorf/St. Leon-Rot region, which are operated exclusively by security-cleared personnel. The authorization to use represents an important milestone and forms the basis for the subsequent full BSI approval SAP is working toward, including the recertification of SAP Cloud Infrastructure according to ISO 27001 based on the German IT-Grundschutz framework. The evaluation process was completed in approximately 12 months and was characterized by close and constructive cooperation between the BSI and SAP -- a sign of the growing collaboration between public authorities and industry in the field of IT security. SAP Cloud Infrastructure is an Infrastructure-as-a-Service (IaaS) platform fully developed and operated by SAP, based on open-source technologies. It is designed to provide customers with digital sovereignty across four dimensions: data sovereignty, operational sovereignty, technical sovereignty and legal sovereignty. The foundation is a fully sovereign cloud region of SAP Cloud Infrastructure, comprising three independent availability zones in physically separated data centers in Walldorf/St. Leon-Rot. This sovereign cloud platform is further reinforced by a robust security and compliance foundation, demonstrated through certifications including ISO/IEC 27001 based on IT-Grundschutz for the data centers, EN 50600/ISO/IEC 22237, TSI Level 3+ and C5 Type II. Additionally, SAP Cloud Infrastructure has conducted a self-assessment against the BSI's C3A (Criteria enabling Cloud Computing Autonomy) catalog, confirming compliance with all digital sovereignty requirements. The VS-NfD authorization to use adds an important building block for security-critical use cases with the highest requirements. As a deployment option within SAP Sovereign Cloud, SAP Cloud Infrastructure is an integral part of SAP's portfolio for digital sovereignty. Together with the SAP Sovereign Cloud On-Site offering and Delos Cloud, SAP provides customers with demanding regulatory requirements the freedom of choice, control, and robust security they need.

German (DAX) Market Analysis & Valuation

Market Valuation and Performance

Sector Trends

Top Stock Gainers and Losers

Market Insights

Software stocks just gave investors a masterclass

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