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

German (DAX) Market Analysis & Valuation

UpdatedApr 14, 2026
DataAggregated Company Financials
Companies774
  • 7D2.5%
  • 3M-5.3%
  • 1Y8.8%
  • YTD-2.5%

Over the last 7 days, the market has risen 2.5%, driven by gains of 5.3% in the Industrials sector. On the other hand, with a decline of 3.4%, the Communication Services sector is lagging behind. In the last year, the market has climbed 8.8%. Earnings are forecast to grow by 16% annually.

Trending IndustriesOil and GasBiotechSoftwareRenewable Energy

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 14 Apr 2026€2.6t€2.6t€125.7b17.5x20.4x1x
Thu, 12 Mar 2026€2.5t€2.7t€99.6b17.7x25.5x1x
Sat, 07 Feb 2026€2.7t€2.7t€106.1b17.4x25x1x
Mon, 05 Jan 2026€2.6t€2.7t€104.2b18.3x25.3x1x
Wed, 03 Dec 2025€2.5t€2.7t€102.2b17.9x24.9x0.9x
Fri, 31 Oct 2025€2.6t€2.7t€99.9b18.2x25.7x0.9x
Sun, 28 Sep 2025€2.5t€2.7t€102.0b18.6x24.8x0.9x
Tue, 26 Aug 2025€2.6t€2.7t€100.3b19.2x26.2x1x
Thu, 24 Jul 2025€2.6t€2.7t€104.3b18.8x24.9x1x
Sat, 21 Jun 2025€2.5t€2.7t€103.6b18.6x24.1x0.9x
Mon, 19 May 2025€2.6t€2.7t€103.5b19.3x25x1x
Wed, 16 Apr 2025€2.4t€2.7t€107.8b17.8x22x0.9x
Fri, 14 Mar 2025€2.5t€2.7t€123.5b16.7x20.3x0.9x
Sun, 09 Feb 2025€2.4t€2.7t€113.3b16.7x21.5x0.9x
Tue, 07 Jan 2025€2.3t€2.7t€114.5b16.2x20.1x0.8x
Thu, 05 Dec 2024€2.3t€2.7t€114.1b15.8x20.2x0.8x
Sat, 02 Nov 2024€2.2t€2.7t€115.9b15.3x19.4x0.8x
Mon, 30 Sep 2024€2.3t€2.7t€119.8b16.7x19.2x0.9x
Wed, 28 Aug 2024€2.2t€2.7t€119.0b16.6x18.6x0.8x
Fri, 26 Jul 2024€2.2t€2.7t€110.2b17.5x19.8x0.8x
Sun, 23 Jun 2024€2.2t€2.7t€110.6b17.2x19.6x0.8x
Tue, 21 May 2024€2.3t€2.7t€110.1b17.7x20.6x0.8x
Thu, 18 Apr 2024€2.2t€2.8t€119.1b17.1x18.6x0.8x
Sat, 16 Mar 2024€2.2t€2.8t€121.3b16x18.4x0.8x
Mon, 12 Feb 2024€2.1t€2.9t€152.2b16.1x14.1x0.8x
Wed, 10 Jan 2024€2.1t€2.9t€146.5b16.2x14.7x0.8x
Fri, 08 Dec 2023€2.1t€2.9t€147.7b16x14.5x0.7x
Sun, 05 Nov 2023€2.0t€2.9t€160.8b15.8x12.6x0.7x
Tue, 03 Oct 2023€2.1t€3.0t€131.2b16x15.8x0.7x
Thu, 31 Aug 2023€2.1t€3.0t€131.9b16.2x16.3x0.7x
Sat, 29 Jul 2023€2.2t€3.0t€138.5b17.1x16.1x0.7x
Mon, 26 Jun 2023€2.1t€3.0t€140.4b17.2x15.3x0.7x
Wed, 24 May 2023€2.2t€3.0t€136.8b17.3x16x0.7x
Fri, 21 Apr 2023€2.2t€3.0t€147.2b17.1x15.1x0.7x
Price to Earnings Ratio

15.1x


Total Market Cap: €2.2tTotal Earnings: €147.2bTotal Revenue: €3.0tTotal Market Cap vs Earnings and Revenue0%0%0%
German Market Price to Earnings3Y Average 20.1x202420252026
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 20.1x.
Past Earnings Growth
  • The earnings for companies in the German industry have declined 5.1% per year over the last three years.
  • Revenues have also declined 4.1% 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 Market2.51%
Materials5.53%
Industrials5.28%
Consumer Discretionary3.19%
Healthcare2.95%
Financials2.94%
Real Estate2.29%
Consumer Staples0.58%
Tech-0.48%
Energy-1.42%
Utilities-2.07%
Telecom-3.37%
Sector PE
  • Investors favour the Materials sector the most for future growth, which is trading above its 3-year average PE ratio of 56.7x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 30.6% which is higher than its past year's earnings decline of 0.07% 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 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?

CompanyLast Price7D1YValuationSector
SIE Siemens€237.2513.0%
+€21.1b		28.0%PE23.1xIndustrials
ENR Siemens Energy€170.9615.7%
+€19.9b		193.3%PE77.2xIndustrials
IFX Infineon Technologies€44.4616.2%
+€8.0b		64.3%PE57.5xTech
ALV Allianz€384.004.6%
+€6.4b		12.0%PE13.7xFinancials
DBK Deutsche Bank€28.5411.3%
+€5.5b		36.9%PE9.2xFinancials
See more

Market Insights

Header cover image
Is it time to revisit Cybersecurity and Cloud?
Stella Ong avatar
Stella Ong
In 2021, cybersecurity and cloud stocks could do no wrong. Today, they’re operating in a very different environment where stock selection is more important than ever.
Continue reading
What’s happening with Renewables & EVs?

Latest News

DB1
€253.90
Deutsche Börse
7D
-1.0%
1Y
-6.3%
ENR
€170.96
Siemens Energy
7D
15.7%
1Y
193.3%
IFX
€44.46
Infineon Technologies
7D
16.2%
1Y
64.3%
NEM
€57.60
Nemetschek
7D
-8.5%
1Y
-47.2%
CBK
€35.24
Commerzbank
7D
11.9%
1Y
55.3%

CBK: Updated Fair Value And Dividend Framework Will Shape Balanced Return Outlook

Commerzbank's updated analyst price target has moved from about €35.21 to €37.75, supported by recent Street research that raised targets into a €36 to €39 range. The new target reflects analyst adjustments to fair value assumptions, discount rate, revenue growth, profit margin and future P/E expectations.
EOAN
€19.47
E.ON
7D
-0.8%
1Y
30.8%

EOAN: Split Ratings And Higher Dividend Plan Will Guide Future Fair Value

Analysts have nudged the fair value estimate for E.ON higher from about €19.04 to roughly €19.37, citing a series of recent price target increases and mixed rating changes that point to slightly stronger profit margins and a modestly higher future P/E assumption, even as revenue growth expectations are more restrained. Analyst Commentary Recent research on E.ON shows a split view, with several price target increases and upgrades sitting alongside fresh downgrades.
DBK
€28.54
Deutsche Bank
7D
11.3%
1Y
36.9%
SIE
€237.25
Siemens
7D
13.0%
1Y
28.0%

SIE: Data Center AI Partnerships Will Support 2026 Earnings Confidence

Siemens' analyst price target has been adjusted slightly lower, with recent research citing mixed views on the shares and updated assumptions around growth, margins and the discount rate, even as several banks have raised individual targets into a €250 to €335 range. Analyst Commentary Recent research on Siemens highlights a clear split between optimistic and cautious views, with price targets stretching from the lower end of the updated range up toward €335.
ALV
€384.00
Allianz
7D
4.6%
1Y
12.0%

ALV: Future Returns Will Hinge On Capital Returns And AI Partnership Execution

Allianz's analyst price targets have shifted higher overall, with recent updates ranging from €370 to €504. Analysts highlight mixed views on valuation and the latest research support for the shares.
HOT
€468.00
HOCHTIEF
7D
14.9%
1Y
193.6%

HOT: Data Center Capex Tailwind Will Eventually Constrain Future Share Returns

Analysts have lifted their price target on HOCHTIEF to €371, with the updated view supported by expectations that the company’s role in data center construction through its U.S. subsidiary Turner positions it to benefit from strong hyperscaler capex. Analyst Commentary Recent research reflects a mixed stance on HOCHTIEF, with a sharply higher price target paired with a Hold rating.
SDF
€15.24
K+S
7D
-11.5%
1Y
12.5%

SDF: Potash Cycle Pullback Risk Will Keep Shares Rangebound

The updated analyst price target for K+S edges higher to €14.64 from €14.56, as analysts factor in recent target increases from several banks, while moderating assumptions on revenue growth and profit margins, and applying a slightly lower discount rate alongside a higher future P/E of 20.31x. Analyst Commentary Recent Street research on K+S shows a mix of optimism around valuation upside and caution around industry risks, resulting in modest price target adjustments rather than wholesale shifts in stance.
SAP
€143.46
SAP
7D
-1.2%
1Y
-38.3%

SAP: Cloud Execution And AI Resilience Will Support Future Upside

The analyst price target for SAP has been reduced in line with recent Street moves that lowered targets into the €225 to €290 range, as analysts factor in updated fair value assumptions, a revised future P/E of about 29.5x, and ongoing debates around growth and AI disruption risk. Analyst Commentary Recent Street research on SAP reflects a mix of optimism and caution, with several firms adjusting price targets and, in a few cases, ratings.
DTE
€28.74
Deutsche Telekom
7D
-6.7%
1Y
-9.2%

DTE: AI Network Partnerships And Buybacks Will Drive Future Repricing

Deutsche Telekom's updated analyst price target edges higher to €38.14 from €38.03. Analysts point to slightly lower discount rate assumptions, marginally firmer profit margin expectations and a small adjustment to future P/E as key supports for the change.
EBK
€67.20
EnBW Energie Baden-Württemberg
7D
-5.1%
1Y
-2.6%
RHM
€1,486.60
Rheinmetall
7D
-2.9%
1Y
-0.5%
MRK
€116.55
Merck KGaA
7D
8.6%
1Y
-2.0%

MRK: Lower AI Disruption Risk And Margin Resilience Will Support Future Upside

Analysts have trimmed the fair value estimate for Merck KGaA from €187.48 to €172.13 as recent price target cuts and more cautious ratings have offset slightly higher revenue growth and profit margin assumptions, along with a lower future P/E multiple. Analyst Commentary Recent research shows a mixed set of opinions on Merck KGaA, but with some clear pockets of optimism that help frame the trimmed fair value estimate.