Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

German (DAX) Market Analysis & Valuation

UpdatedMar 11, 2026
DataAggregated Company Financials
Companies773
  • 7D0.2%
  • 3M-0.6%
  • 1Y2.1%
  • YTD-2.2%

Over the last 7 days, the market has remained flat, although notably the Energy sector gained 8.5% in that time. In line with that, the market has also been flat over the past year. As for the next few years, earnings are expected to grow by 16% per annum.

Trending IndustriesOil and GasBiotechSoftwareRenewable Energy

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 11 Mar 2026€2.6t€2.7t€99.0b17.9x26x1x
Fri, 06 Feb 2026€2.6t€2.7t€105.6b17.4x25x1x
Sun, 04 Jan 2026€2.6t€2.7t€103.5b18.3x25.4x1x
Tue, 02 Dec 2025€2.5t€2.7t€102.2b18x24.8x0.9x
Thu, 30 Oct 2025€2.6t€2.7t€101.0b18.2x25.5x1x
Sat, 27 Sep 2025€2.5t€2.7t€101.7b18.6x24.8x0.9x
Mon, 25 Aug 2025€2.6t€2.7t€100.3b19.3x26.3x1x
Wed, 23 Jul 2025€2.6t€2.7t€104.3b18.8x24.7x1x
Fri, 20 Jun 2025€2.5t€2.7t€103.4b18.8x24x0.9x
Sun, 18 May 2025€2.6t€2.7t€103.6b19.4x24.9x1x
Tue, 15 Apr 2025€2.3t€2.7t€107.8b17.4x21.7x0.9x
Thu, 13 Mar 2025€2.5t€2.7t€125.8b16.8x20x0.9x
Sat, 08 Feb 2025€2.4t€2.7t€113.3b16.7x21.5x0.9x
Mon, 06 Jan 2025€2.3t€2.7t€114.5b16.1x19.8x0.8x
Wed, 04 Dec 2024€2.3t€2.7t€114.2b15.7x20x0.8x
Fri, 01 Nov 2024€2.3t€2.7t€115.9b15.5x19.5x0.8x
Sun, 29 Sep 2024€2.3t€2.7t€119.8b16.7x19.2x0.9x
Tue, 27 Aug 2024€2.2t€2.7t€118.4b16.6x18.6x0.8x
Thu, 25 Jul 2024€2.2t€2.7t€111.1b17.6x19.7x0.8x
Sat, 22 Jun 2024€2.2t€2.7t€110.6b17.2x19.7x0.8x
Mon, 20 May 2024€2.3t€2.7t€110.1b17.5x20.6x0.8x
Wed, 17 Apr 2024€2.3t€2.8t€119.1b17.1x18.9x0.8x
Fri, 15 Mar 2024€2.2t€2.8t€122.1b16x18.3x0.8x
Sun, 11 Feb 2024€2.1t€2.9t€152.2b16.1x14.1x0.8x
Tue, 09 Jan 2024€2.1t€2.9t€146.5b16.2x14.7x0.8x
Thu, 07 Dec 2023€2.2t€2.9t€147.5b16.1x14.6x0.8x
Sat, 04 Nov 2023€2.0t€2.9t€161.0b15.8x12.6x0.7x
Mon, 02 Oct 2023€2.1t€3.0t€131.0b16x15.8x0.7x
Wed, 30 Aug 2023€2.2t€3.0t€131.8b16.1x16.4x0.7x
Fri, 28 Jul 2023€2.2t€3.0t€138.7b17x15.9x0.7x
Sun, 25 Jun 2023€2.1t€3.0t€140.4b17.2x15.3x0.7x
Tue, 23 May 2023€2.2t€3.0t€136.9b17.4x16x0.7x
Thu, 20 Apr 2023€2.2t€3.0t€147.7b17.1x15.1x0.7x
Sat, 18 Mar 2023€2.1t€2.9t€150.6b15.6x13.8x0.7x
Price to Earnings Ratio

13.8x


Total Market Cap: €2.1tTotal Earnings: €150.6bTotal Revenue: €2.9tTotal Market Cap vs Earnings and Revenue0%0%0%
German Market Price to Earnings3Y Average 19.8x202420252026
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 26.0x which is higher than its 3-year average PE of 19.8x.
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 3.3% 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 Market0.19%
Energy8.50%
Utilities1.82%
Tech1.76%
Industrials1.17%
Telecom0.76%
Financials0.12%
Materials-0.76%
Healthcare-1.34%
Consumer Discretionary-1.85%
Real Estate-2.66%
Consumer Staples-4.25%
Sector PE
  • Investors favour the Healthcare sector the most for future growth, which is trading above its 3-year average PE ratio of 45.5x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 21.7%, which is higher than its past year's earnings growth of 9.3% per year.
Forecasted Growth
  • Analysts are most optimistic on the Energy sector, expecting annual earnings growth of 54% over the next 5 years.
  • This is better than its past earnings decline of 9.1% per year.
  • In contrast, the Financials sector is expected to see its earnings grow by 6.6% 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
SAP SAP€169.602.5%
+€4.8b		-28.9%PE27.7xTech
SIE Siemens€232.152.5%
+€4.4b		4.0%PE22.6xIndustrials
RHM Rheinmetall€1.65k4.6%
+€3.3b		43.2%PE88xIndustrials
DHL Deutsche Post€46.770.04%
+€2.3b		11.9%PE14.9xIndustrials
ENR Siemens Energy€157.701.5%
+€2.0b		197.1%PE71.3xIndustrials
See more

Market Insights

Header cover image
What the next 25 years will look like 🔮
Richard Bowman avatar
Richard Bowman
The first 25 years of this century were shaped by a few notable themes: China, Tech, and low interest rates. Let's now look at the themes shaping the next quarter of the century.
Continue reading
Three contrarian investing ideas for a new market

Latest News

DBK
€27.46
Deutsche Bank
7D
-1.9%
1Y
30.7%
EOAN
€19.12
E.ON
7D
2.4%
1Y
49.5%
DHL
€46.77
Deutsche Post
7D
0.04%
1Y
11.9%

DHL: Tighter Airfreight Conditions Will Support Future Earnings Resilience

Analysts have lifted their price target for Deutsche Post to €59.09 from €56.22, citing updated views on fair value, revenue growth, profit margins and P/E assumptions, as well as recent research highlighting potential benefits from tighter airfreight supply and demand conditions. Analyst Commentary Recent research has sharpened the bullish case around Deutsche Post, with some price targets moving higher and pointing to what bullish analysts see as a more supportive backdrop for execution and earnings quality.
BAYN
€39.63
Bayer
7D
3.4%
1Y
67.6%

BAYN: Roundup Settlement Progress Will Support Future Upside In Core Earnings

Analysts have revised their view on Bayer with a reduced implied P/E and updated margin expectations, while recent Street research shows a split between a Sell call at €42 and an Overweight stance at €45 that hinges on litigation resolution and potential upside in pharmaceuticals and Crop Science. Analyst Commentary Recent research on Bayer highlights a clear divide between cautious and optimistic views, with valuation closely linked to how investors think litigation, pharmaceutical assets and Crop Science margins will play out.
HEI
€175.30
Heidelberg Materials
7D
-2.7%
1Y
11.5%

HEI: Upgraded Rating And Stable Fair Value Will Support Re Rating

Analysts have trimmed their average price target on Heidelberg Materials from €239 to €220, citing what they see as an overdone share price selloff while still maintaining a constructive view on the company. Analyst Commentary Bullish Takeaways Bullish analysts have shifted to a more positive stance on Heidelberg Materials with an upgrade to a Buy rating, signalling increased confidence in the shares at current levels.
SAP
€169.60
SAP
7D
2.5%
1Y
-28.9%

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.
ADS
€141.85
adidas
7D
-3.6%
1Y
-36.2%
MRK
€111.00
Merck KGaA
7D
-8.5%
1Y
-17.3%
RHM
€1,653.00
Rheinmetall
7D
4.6%
1Y
43.2%
BEI
€80.54
Beiersdorf
7D
-3.7%
1Y
-40.1%
HLAG
€133.00
Hapag-Lloyd
7D
-8.1%
1Y
-8.3%

HLAG: ZIM Deal Uncertainty Will Outweigh Benefits From Methanol Fleet Renewal

Analysts have lowered their Hapag-Lloyd price target by €1, reflecting slightly revised assumptions for the discount rate, revenue growth and profit margin following recent deal-related commentary and sector research. Analyst Commentary Recent Street research around the proposed ZIM Integrated acquisition has given investors more detail on how some bullish analysts are thinking about Hapag-Lloyd's risk and reward profile.
SIE
€232.15
Siemens
7D
2.5%
1Y
4.0%

Data Center And AI Infrastructure Tailwinds Will Support A Stronger Long Term Outlook

Catalysts About Siemens Siemens is an industrial technology company focused on digital industries, smart infrastructure and mobility solutions for global customers. What are the underlying business or industry changes driving this perspective?
DTG
€41.50
Daimler Truck Holding
7D
4.2%
1Y
1.9%

DTG: Updated Fair Value View Will Rely On Core Truck Execution

Analysts have raised their average price targets on Daimler Truck into the mid €40s. Our updated work reduces fair value to €53, reflecting higher assumed discount rates, a richer future P/E and more mixed margin expectations, even as revenue growth assumptions increase.
ENR
€157.70
Siemens Energy
7D
1.5%
1Y
197.1%

ENR: Data Center Demand And Wind Turnaround Will Shape Forward Returns

Analysts have raised their fair value estimate for Siemens Energy from €141.56 to €161.28, reflecting updated assumptions for revenue growth, profit margins and future P/E, supported by recent upgrades and a higher price target from major banks. Analyst Commentary Recent Street research on Siemens Energy has been mixed, with some firms increasing their price targets and refreshing positive ratings, while others focus more on execution risks and the timing of potential growth drivers.
BMW
€80.40
Bayerische Motoren Werke
7D
-2.6%
1Y
-4.6%
VNA
€25.73
Vonovia
7D
-3.7%
1Y
-0.5%

Vonovia (ETR:VNA) Use Of Debt Could Be Considered Risky

Jan 31
Vonovia (ETR:VNA) Use Of Debt Could Be Considered Risky