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German (DAX) Market Analysis & Valuation

UpdatedApr 20, 2026
DataAggregated Company Financials
Companies772
  • 7D3.7%
  • 3M1.1%
  • 1Y11.2%
  • YTD1.1%

Over the last 7 days, the market has risen 3.7%, driven by gains in the Industrials and Information Technology sectors of 4.0% and 11%, respectively. As for the past 12 months, the market is up 11%. 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
Mon, 20 Apr 2026€2.7t€2.6t€125.9b18.3x21.1x1x
Wed, 18 Mar 2026€2.6t€2.6t€100.0b17.9x25.6x1x
Fri, 13 Feb 2026€2.7t€2.7t€106.7b17.2x25x1x
Sun, 11 Jan 2026€2.7t€2.7t€103.6b18.5x26x1x
Tue, 09 Dec 2025€2.6t€2.7t€102.1b17.9x25.2x1x
Thu, 06 Nov 2025€2.5t€2.7t€97.1b17.8x26.2x0.9x
Sat, 04 Oct 2025€2.6t€2.7t€101.7b18.2x25.5x1x
Mon, 01 Sep 2025€2.6t€2.7t€101.6b18.7x25.5x1x
Wed, 30 Jul 2025€2.6t€2.7t€105.8b19x24.6x1x
Fri, 27 Jun 2025€2.5t€2.7t€103.7b18.9x24.3x0.9x
Sun, 25 May 2025€2.6t€2.8t€82.4b18.9x31.1x0.9x
Tue, 22 Apr 2025€2.4t€2.7t€107.8b17.6x22x0.9x
Thu, 20 Mar 2025€2.6t€2.7t€126.2b17.6x20.5x1x
Sat, 15 Feb 2025€2.5t€2.7t€111.9b17x22.4x0.9x
Mon, 13 Jan 2025€2.3t€2.7t€112.2b16.4x20.4x0.9x
Wed, 11 Dec 2024€2.3t€2.7t€114.2b16x20.4x0.9x
Fri, 08 Nov 2024€2.3t€2.7t€112.9b15.3x20x0.8x
Sun, 06 Oct 2024€2.3t€2.7t€119.9b16.4x19x0.8x
Tue, 03 Sep 2024€2.2t€2.7t€119.4b16.9x18.7x0.8x
Thu, 01 Aug 2024€2.2t€2.7t€109.5b17.4x20.1x0.8x
Sat, 29 Jun 2024€2.2t€2.7t€110.8b17.4x19.8x0.8x
Mon, 27 May 2024€2.0t€2.2t€82.6b17.8x24.4x0.9x
Wed, 24 Apr 2024€2.3t€2.8t€118.5b17.1x19x0.8x
Fri, 22 Mar 2024€2.3t€2.8t€120.9b16.4x18.7x0.8x
Sun, 18 Feb 2024€2.2t€2.9t€151.2b16x14.4x0.8x
Tue, 16 Jan 2024€2.1t€2.9t€146.5b16.2x14.5x0.7x
Thu, 14 Dec 2023€2.1t€2.9t€147.6b16.2x14.6x0.8x
Sat, 11 Nov 2023€2.0t€2.9t€149.7b15.6x13.4x0.7x
Mon, 09 Oct 2023€2.1t€3.0t€131.4b15.8x15.6x0.7x
Wed, 06 Sep 2023€2.1t€3.0t€130.3b16.1x16.4x0.7x
Fri, 04 Aug 2023€2.2t€3.0t€147.8b16.3x14.7x0.7x
Sun, 02 Jul 2023€2.2t€3.0t€138.8b17.4x15.8x0.7x
Tue, 30 May 2023€2.2t€3.0t€140.6b17.1x15.5x0.7x
Thu, 27 Apr 2023€2.2t€3.0t€147.0b17.2x15.1x0.7x
Price to Earnings Ratio

15.1x


Total Market Cap: €2.2tTotal Earnings: €147.0bTotal 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 5.0% 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 Market3.70%
Tech10.75%
Industrials3.98%
Healthcare3.36%
Consumer Discretionary3.35%
Financials3.10%
Consumer Staples2.52%
Real Estate2.12%
Telecom2.09%
Materials1.22%
Utilities-1.69%
Energy-2.89%
Sector PE
  • Investors favour the Materials sector the most for future growth, which is trading above its 3-year average PE ratio of 57.0x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 30.5%, which is higher than its past year's earnings growth of 1.3% per year.
Forecasted Growth
  • Analysts are most optimistic on the Energy sector, expecting annual earnings growth of 51% 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
SAP SAP€156.249.6%
+€16.0b		-30.9%PE25.5xTech
SIE Siemens€247.658.3%
+€14.6b		32.4%PE24xIndustrials
IFX Infineon Technologies€48.9013.9%
+€7.7b		83.7%PE63.3xTech
ENR Siemens Energy€172.063.7%
+€5.3b		169.7%PE77.7xIndustrials
ALV Allianz€390.002.9%
+€4.2b		12.0%PE13.9xFinancials
See more

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Latest News

RWE
€55.90
RWE
7D
-4.5%
1Y
64.0%

RWE: Future Returns Will Depend On US Buildout And Fusion Commitment

The analyst price target for RWE has been raised slightly, with the model derived fair value moving from about €59.49 to around €60.12. Analysts are factoring in updated assumptions that keep revenue growth, profit margin and future P/E broadly in line with earlier expectations while incorporating a modestly higher discount rate and a series of recent price target increases from major banks.
EOAN
€18.80
E.ON
7D
-3.0%
1Y
23.2%
MBG
€52.66
Mercedes-Benz Group
7D
-2.8%
1Y
4.8%

MBG: Chip Supply Risks And Cautious Sentiment Will Pressure Future Earnings

Analyst price targets for Mercedes-Benz Group have edged lower by a few euros, with recent cuts of €1 to €8 from UBS, Morgan Stanley, and RBC Capital partially offset by Citi's €2 increase. This reflects a more balanced but slightly cautious stance on the shares.
MRK
€118.50
Merck KGaA
7D
5.9%
1Y
1.6%

MRK: Reset Expectations And 2026 Guidance Will Shape Future Return Balance

Analysts have trimmed the fair value estimate for Merck KGaA from €127.00 to €112.00, reflecting recent reductions in Street price targets and a more cautious stance on profitability, despite slightly higher modeled revenue growth. Analyst Commentary Recent Street research on Merck KGaA has tilted more cautious, with several bearish analysts cutting price targets and reassessing the risk and reward balance.
DBK
€28.91
Deutsche Bank
7D
5.2%
1Y
39.8%

DBK: Share Buybacks And Dividend Policy Will Support Future Upside

Analysts keep their Deutsche Bank fair value target steady at €40.00, citing updated assumptions that combine a slightly higher revenue growth outlook with a lower profit margin and a modestly higher future P/E multiple. What's in the News The Board of Directors authorized a share buyback plan on January 29, 2026, signaling intent to return capital to shareholders within a defined framework (Key Developments).
IFX
€48.90
Infineon Technologies
7D
13.9%
1Y
83.7%
ENR
€172.06
Siemens Energy
7D
3.7%
1Y
169.7%

ENR: Buyback Plan And Gamesa Turnaround Will Support Future Repricing

Siemens Energy's analyst price target has moved higher to €220, with analysts citing updated assumptions around discount rates, revenue growth, profit margins and future P/E as the key drivers behind the change. Analyst Commentary Recent Street research on Siemens Energy points to a more constructive tone among bullish analysts, who are highlighting both valuation support and execution progress as key reasons for revisiting their price targets and ratings.
VBK
€35.50
Verbio
7D
-8.6%
1Y
284.2%

VBK: Future Upside Will Depend On Stronger Earnings Execution

Verbio's analyst fair value estimate has been raised from €32.00 to €50.00, as analysts factor in updated assumptions for revenue growth, profit margins, a slightly adjusted future P/E, and higher Street price targets from €21.00 to €25.00, along with an additional €10.90 in recent research. Analyst Commentary Recent research points to a more constructive stance on Verbio, with bullish analysts lifting price targets and aligning closer to the updated fair value framework.
UN0
€39.85
Uniper
7D
-1.6%
1Y
-2.0%
8TRA
€32.60
Traton
7D
-1.5%
1Y
24.1%

8TRA: Truck Cycle Reset And One OS Rollout Will Drive Medium Term Upside

The analyst fair value estimate for Traton has nudged higher to €46.07 from €45.71. The adjustment reflects recent price target increases from €32 to €34 and €40, and a more supportive analyst stance on future revenue growth, profit margins and truck market conditions.
SIE
€247.65
Siemens
7D
8.3%
1Y
32.4%

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
€390.00
Allianz
7D
2.9%
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.
BAS
€52.77
BASF
7D
-3.4%
1Y
25.8%

BAS: Policy Support And Carbon Tax Deferral Will Drive Future Upside Potential

The analyst fair value estimate for BASF has been adjusted from €62.00 to €63.00, with analysts pointing to slightly higher assumed revenue growth, a modestly stronger profit margin profile, a lower discount rate, and a small uplift in future P/E assumptions, supported by a mix of recent target increases, upgrades, and downgrades across the Street. Analyst Commentary Recent research on BASF has been mixed, but there is a clear group of bullish analysts who see room for upside, reflected in a series of upgrades and higher price targets clustered around the €48 to €56 range and above.
SDF
€14.46
K+S
7D
-7.5%
1Y
6.6%

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
€156.24
SAP
7D
9.6%
1Y
-30.9%

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
€29.59
Deutsche Telekom
7D
1.6%
1Y
-6.8%

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.