Narrative Update • May 22
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German (DAX) Market Analysis & Valuation
UpdatedMay 31, 2026
DataAggregated Company Financials
Companies770
- 7D0.7%
- 3M0.3%
- 1Y2.0%
- YTD1.3%
Over the last 7 days, the market has remained flat, although notably the Information Technology sector gained 4.9% in that time. Similarly, the market is flat for the past 12 months. Earnings are forecast to grow by 17% annually.
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, 31 May 2026 | €2.7t | €2.6t | €127.1b | 17.5x | 20.9x | 1x |
| Tue, 28 Apr 2026 | €2.6t | €2.6t | €126.2b | 17.9x | 20.5x | 1x |
| Thu, 26 Mar 2026 | €2.5t | €2.6t | €100.3b | 17.4x | 24.8x | 0.9x |
| Sat, 21 Feb 2026 | €2.7t | €2.7t | €106.9b | 17.6x | 25.3x | 1x |
| Mon, 19 Jan 2026 | €2.7t | €2.7t | €103.7b | 18.3x | 25.9x | 1x |
| Wed, 17 Dec 2025 | €2.6t | €2.7t | €103.6b | 17.8x | 25x | 1x |
| Fri, 14 Nov 2025 | €2.6t | €2.7t | €105.3b | 17.8x | 24.3x | 0.9x |
| Sun, 12 Oct 2025 | €2.6t | €2.7t | €101.5b | 18.4x | 25.3x | 1x |
| Tue, 09 Sep 2025 | €2.6t | €2.7t | €101.8b | 18.6x | 25.3x | 1x |
| Thu, 07 Aug 2025 | €2.6t | €2.7t | €102.6b | 18.8x | 25.3x | 1x |
| Sat, 05 Jul 2025 | €2.5t | €2.7t | €103.8b | 19x | 24.5x | 0.9x |
| Mon, 02 Jun 2025 | €2.6t | €2.7t | €103.4b | 18.6x | 25x | 1x |
| Wed, 30 Apr 2025 | €2.5t | €2.7t | €110.9b | 18.4x | 22.4x | 0.9x |
| Fri, 28 Mar 2025 | €2.5t | €2.7t | €108.7b | 17.4x | 23.1x | 0.9x |
| Sun, 23 Feb 2025 | €2.5t | €2.7t | €112.1b | 16.7x | 22.2x | 0.9x |
| Tue, 21 Jan 2025 | €2.4t | €2.7t | €114.2b | 16.5x | 20.7x | 0.9x |
| Thu, 19 Dec 2024 | €2.3t | €2.7t | €114.2b | 15.5x | 20.1x | 0.8x |
| Sat, 16 Nov 2024 | €2.2t | €2.7t | €112.1b | 15.4x | 20x | 0.8x |
| Mon, 14 Oct 2024 | €2.3t | €2.7t | €119.0b | 16.5x | 19.2x | 0.8x |
| Wed, 11 Sep 2024 | €2.2t | €2.7t | €119.5b | 16.6x | 18x | 0.8x |
| Fri, 09 Aug 2024 | €2.1t | €2.7t | €115.8b | 17.1x | 18.2x | 0.8x |
| Sun, 07 Jul 2024 | €2.2t | €2.7t | €111.3b | 18.2x | 19.8x | 0.8x |
| Tue, 04 Jun 2024 | €2.2t | €2.7t | €110.9b | 18.2x | 20.3x | 0.8x |
| Thu, 02 May 2024 | €2.2t | €2.8t | €120.3b | 17.1x | 18.5x | 0.8x |
| Sat, 30 Mar 2024 | €2.3t | €2.8t | €119.7b | 16.6x | 19.2x | 0.8x |
| Mon, 26 Feb 2024 | €2.2t | €2.8t | €154.9b | 15.7x | 14.2x | 0.8x |
| Wed, 24 Jan 2024 | €2.1t | €2.9t | €146.5b | 16.4x | 14.5x | 0.7x |
| Fri, 22 Dec 2023 | €2.2t | €2.9t | €147.4b | 16.4x | 14.6x | 0.8x |
| Sun, 19 Nov 2023 | €2.1t | €2.9t | €150.5b | 15.9x | 13.9x | 0.7x |
| Tue, 17 Oct 2023 | €2.0t | €3.0t | €131.3b | 15.9x | 15.6x | 0.7x |
| Thu, 14 Sep 2023 | €2.1t | €3.0t | €131.2b | 16.3x | 16.1x | 0.7x |
| Sat, 12 Aug 2023 | €2.2t | €3.0t | €137.0b | 16.6x | 15.8x | 0.7x |
| Mon, 10 Jul 2023 | €2.1t | €3.0t | €138.8b | 16.8x | 15.3x | 0.7x |
| Wed, 07 Jun 2023 | €2.2t | €3.0t | €140.2b | 17x | 15.6x | 0.7x |
Price to Earnings Ratio
15.6x
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 20.3x.
Past Earnings Growth
- The earnings for companies in the German industry have declined 3.2% 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 | 0.70% | |
| Tech | 4.90% | |
| Consumer Discretionary | 3.59% | |
| Materials | 2.50% | |
| Real Estate | 1.17% | |
| Industrials | -0.029% | |
| Healthcare | -0.51% | |
| Telecom | -0.76% | |
| Consumer Staples | -1.03% | |
| Energy | -1.29% | |
| Financials | -1.47% | |
| Utilities | -1.89% | |
Sector PE
- Investors favour the Materials sector the most for future growth, which is trading above its 3-year average PE ratio of 59.2x.
- The market's confidence is likely because analysts are expecting annual earnings growth of 31.6%, 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 44% over the next 5 years.
- However this is lower than its past earnings growth rate of 70% per year.
- In contrast, the Utilities sector is expected to see its earnings decline by 3.0% per year 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 | |
|---|---|---|---|---|---|---|
| IFX Infineon Technologies | €81.11 | 10.5% +€10.0b | 136.6% | PE98.1x | Tech | |
| SAP SAP | €155.26 | 2.3% +€4.1b | -41.6% | PE24.8x | Tech | |
| RHM Rheinmetall | €1.29k | 5.4% +€3.1b | -31.4% | PE57.3x | Industrials | |
| HEI Heidelberg Materials | €190.80 | 9.2% +€2.8b | 10.6% | PE17x | Materials | |
| ADS adidas | €166.60 | 7.8% +€2.1b | -24.1% | PE21.2x | Consumer Discretionary |