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
Wed, 03 Jun 2026	€2.7t	€2.6t	€127.1b	17.4x	20.9x	1x
Fri, 01 May 2026	€2.6t	€2.6t	€126.1b	18.1x	20.5x	1x
Sun, 29 Mar 2026	€2.4t	€2.6t	€124.9b	17.4x	19.4x	0.9x
Tue, 24 Feb 2026	€2.7t	€2.7t	€107.0b	17.7x	25.1x	1x
Thu, 22 Jan 2026	€2.6t	€2.7t	€103.7b	17.9x	25.2x	1x
Sat, 20 Dec 2025	€2.6t	€2.7t	€103.6b	18x	25.1x	1x
Mon, 17 Nov 2025	€2.5t	€2.7t	€104.8b	17.7x	24.2x	0.9x
Wed, 15 Oct 2025	€2.6t	€2.7t	€101.5b	18.4x	25.3x	1x
Fri, 12 Sep 2025	€2.5t	€2.7t	€101.7b	18.2x	24.9x	0.9x
Sun, 10 Aug 2025	€2.6t	€2.7t	€104.0b	18.8x	25.2x	1x
Tue, 08 Jul 2025	€2.6t	€2.7t	€103.9b	19.1x	24.8x	1x
Thu, 05 Jun 2025	€2.6t	€2.7t	€103.6b	19.2x	25.2x	1x
Sat, 03 May 2025	€2.5t	€2.7t	€109.8b	18.5x	23.1x	0.9x
Mon, 31 Mar 2025	€2.5t	€2.7t	€108.4b	17.6x	23x	0.9x
Wed, 26 Feb 2025	€2.5t	€2.7t	€112.0b	16.8x	22.4x	0.9x
Fri, 24 Jan 2025	€2.4t	€2.7t	€114.2b	16.9x	21x	0.9x
Sun, 22 Dec 2024	€2.3t	€2.7t	€114.3b	15.4x	19.8x	0.8x
Tue, 19 Nov 2024	€2.2t	€2.7t	€112.2b	15.8x	19.9x	0.8x
Thu, 17 Oct 2024	€2.3t	€2.7t	€119.0b	16.4x	19.2x	0.8x
Sat, 14 Sep 2024	€2.2t	€2.7t	€119.6b	16.2x	18.4x	0.8x
Mon, 12 Aug 2024	€2.1t	€2.7t	€119.3b	17.1x	17.7x	0.8x
Wed, 10 Jul 2024	€2.2t	€2.7t	€111.3b	18.1x	19.6x	0.8x
Fri, 07 Jun 2024	€2.3t	€2.7t	€110.9b	18.3x	20.3x	0.8x
Sun, 05 May 2024	€2.2t	€2.8t	€120.2b	17.3x	18.5x	0.8x
Tue, 02 Apr 2024	€2.3t	€2.8t	€119.2b	17.1x	19.3x	0.8x
Thu, 29 Feb 2024	€2.2t	€2.8t	€152.9b	15.9x	14.4x	0.8x
Sat, 27 Jan 2024	€2.2t	€2.9t	€148.3b	16.5x	14.6x	0.8x
Mon, 25 Dec 2023	€2.2t	€2.9t	€147.2b	16.3x	14.6x	0.8x
Wed, 22 Nov 2023	€2.1t	€2.9t	€150.5b	15.8x	13.9x	0.7x
Fri, 20 Oct 2023	€2.0t	€3.0t	€131.5b	15.9x	15.3x	0.7x
Sun, 17 Sep 2023	€2.1t	€3.0t	€131.3b	16.2x	16.3x	0.7x
Tue, 15 Aug 2023	€2.2t	€3.0t	€134.8b	16.6x	16.1x	0.7x
Thu, 13 Jul 2023	€2.2t	€3.0t	€138.9b	17x	15.7x	0.7x
Sat, 10 Jun 2023	€2.2t	€3.0t	€140.2b	17.2x	15.6x	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 20.3x.

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	-0.78%
Tech	2.39%
Consumer Discretionary	2.28%
Materials	1.73%
Real Estate	0.033%
Energy	-0.91%
Healthcare	-1.11%
Telecom	-1.22%
Consumer Staples	-1.38%
Utilities	-1.77%
Industrials	-2.14%
Financials	-3.02%

Sector PE

Investors favour the Materials sector the most for future growth, which is trading above its 3-year average PE ratio of 59.3x.

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	€88.00	13.5% +€13.6b	156.1%	PE106.5x	Tech
SAP SAP	€162.86	7.5% +€13.3b	-39.6%	PE26x	Tech
SIE Siemens	€278.70	2.3% +€4.7b	30.2%	PE28.1x	Industrials
DHL Deutsche Post	€52.96	6.2% +€3.4b	33.8%	PE16.7x	Industrials
ADS adidas	€166.85	6.1% +€1.7b	-22.9%	PE21.3x	Consumer Discretionary

Bayer Presents First Full FIND-CKD Results Investigating KERENDIA in Non-Diabetic Chronic Kidney Disease and Infinity Pooled Analysis At ERA 2026

Bayer announced that new investigational data from KERENDIA’s Phase III clinical trial program will be presented in scientific sessions at the 63rd European Renal Association Congress taking place June 3-6, 2026, in Glasgow, Scotland. Presentations include the first full data results from the global FIND-CKD (NCT05047263) study evaluating the addition of KERENDIA to standard of care in adults with non-diabetic chronic kidney disease (nd-CKD). A prespecified subgroup analysis of FIND-CKD evaluated KERENDIA in people living with glomerulonephritis. Initial results from the INFINITY pooled analysis include data from clinical studies of KERENDIA across adults with either type 2 diabetes (T2D) and chronic kidney disease (CKD) or nd-CKD. KERENDIA is currently approved by the FDA for use in adults with CKD associated with T2D, as well as adults with heart failure (HF) with left ventricular ejection fraction (LVEF) =40%. Data from the Phase III FIND-CKD study represent the first full presentation of results evaluating KERENDIA in adults with nd-CKD. INFINITY is a pooled analysis including data from three Phase III trials—FIDELIO-DKD, FIGARO-DKD, and FIND-CKD—designed to evaluate KERENDIA across CKD populations, including adults with CKD associated with T2D and those with nd-CKD. CKD is a progressive disease that can lead to cardiovascular complications and kidney failure. Treatment approaches vary depending on the underlying cause of CKD and patient characteristics, and unmet medical need remains in certain populations, including those without diabetes and individuals with inflammatory kidney diseases such as glomerulonephritis. Bayer Late-Breaking Presentations at ERA 2026 include: Finerenone in patients with chronic kidney disease, Finerenone in patients with glomerulonephritis, and Efficacy and safety of finerenone in patients with chronic kidney disease: An individual participant data pooled analysis (INFINITY). KERENDIA’s clinical trial program—called FINEOVATE—currently comprises 12 Phase III studies with dedicated programs in heart failure (MOONRAKER) and CKD (THUNDERBALL). The MOONRAKER program includes FINEARTS-HF as well as the ongoing, collaborative, investigator-sponsored studies REDEFINE-HF, CONFIRMATION-HF, FINALITY-HF, FIORE and FIORELLO. The THUNDERBALL CKD program consists of the completed studies FIDELIO-DKD, FIGARO-DKD, FINE-ONE and FIND-CKD as well as the ongoing investigational studies, FIONA and FIONA-OLE. KERENDIA (finerenone) is indicated to reduce the risk of sustained estimated glomerular filtration rate (eGFR) decline, end-stage kidney disease, cardiovascular death, non-fatal myocardial infarction, and hospitalization for heart failure in adult patients with chronic kidney disease (CKD) associated with type 2 diabetes (T2D) (10mg, 20mg tablets), and cardiovascular death, hospitalization for heart failure, and urgent heart failure visits in adult patients with heart failure with left ventricular ejection fraction (HF LVEF) =40% (10mg, 20mg, 40mg tablets). KERENDIA can cause hyperkalemia. The risk for developing hyperkalemia increases with decreasing kidney function and is greater in patients with higher baseline potassium levels or other risk factors for hyperkalemia. Measure serum potassium and eGFR in all patients before initiation of treatment with KERENDIA and dose accordingly. Do not initiate KERENDIA if serum potassium is >5 mEq/L. Measure serum potassium periodically during treatment with KERENDIA and adjust dose accordingly. More frequent monitoring may be necessary for patients at risk for hyperkalemia, including those on concomitant medications that impair potassium excretion or increase serum potassium. KERENDIA can cause worsening of renal function in patients with heart failure. Rarely, severe events associated with worsening renal function, including events requiring hospitalization, have been observed. Measure eGFR in all patients before initiation of treatment or with dose titration of KERENDIA and dose accordingly. Initiation of KERENDIA in patients with heart failure and an eGFR.

German (DAX) Market Analysis & Valuation

Market Valuation and Performance

Sector Trends

Top Stock Gainers and Losers

Market Insights

Land of the rising yields 📈

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