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
Thu, 02 Jul 2026	€2.6t	€2.6t	€126.6b	17.1x	20.5x	1x
Sat, 30 May 2026	€2.7t	€2.6t	€127.1b	17.5x	20.9x	1x
Mon, 27 Apr 2026	€2.6t	€2.6t	€126.2b	17.8x	20.5x	1x
Wed, 25 Mar 2026	€2.5t	€2.6t	€100.3b	17.2x	24.4x	0.9x
Fri, 20 Feb 2026	€2.7t	€2.7t	€106.9b	17.6x	25.1x	1x
Sun, 18 Jan 2026	€2.7t	€2.7t	€103.7b	18.3x	25.9x	1x
Tue, 16 Dec 2025	€2.6t	€2.7t	€103.7b	17.8x	25x	1x
Thu, 13 Nov 2025	€2.6t	€2.7t	€101.8b	17.7x	25.3x	1x
Sat, 11 Oct 2025	€2.6t	€2.7t	€101.5b	18.4x	25.3x	1x
Mon, 08 Sep 2025	€2.6t	€2.7t	€101.8b	18.6x	25.1x	0.9x
Wed, 06 Aug 2025	€2.6t	€2.7t	€101.8b	18.5x	25.4x	1x
Fri, 04 Jul 2025	€2.6t	€2.7t	€103.8b	19x	24.7x	0.9x
Sun, 01 Jun 2025	€2.6t	€2.7t	€103.4b	18.6x	25x	1x
Tue, 29 Apr 2025	€2.5t	€2.7t	€111.3b	18.7x	22.2x	0.9x
Thu, 27 Mar 2025	€2.5t	€2.7t	€132.1b	17.7x	19.1x	0.9x
Sat, 22 Feb 2025	€2.5t	€2.7t	€112.1b	16.7x	22.2x	0.9x
Mon, 20 Jan 2025	€2.4t	€2.7t	€114.2b	16.3x	20.6x	0.9x
Wed, 18 Dec 2024	€2.3t	€2.7t	€114.2b	15.6x	20.1x	0.8x
Fri, 15 Nov 2024	€2.2t	€2.7t	€110.5b	15.2x	20.3x	0.8x
Sun, 13 Oct 2024	€2.3t	€2.7t	€119.0b	16.5x	19.2x	0.8x
Tue, 10 Sep 2024	€2.2t	€2.7t	€119.5b	16.4x	18.2x	0.8x
Thu, 08 Aug 2024	€2.1t	€2.7t	€113.0b	16.9x	18.6x	0.8x
Sat, 06 Jul 2024	€2.2t	€2.7t	€111.3b	18.1x	19.8x	0.8x
Mon, 03 Jun 2024	€2.2t	€2.7t	€110.9b	17.6x	20.2x	0.8x
Wed, 01 May 2024	€2.2t	€2.8t	€122.2b	17.1x	18.2x	0.8x
Fri, 29 Mar 2024	€2.3t	€2.8t	€119.5b	16.6x	19.3x	0.8x
Sun, 25 Feb 2024	€2.2t	€2.8t	€154.9b	15.7x	14.2x	0.8x
Tue, 23 Jan 2024	€2.1t	€2.9t	€146.5b	16.3x	14.5x	0.7x
Thu, 21 Dec 2023	€2.2t	€2.9t	€147.5b	16.3x	14.7x	0.8x
Sat, 18 Nov 2023	€2.1t	€2.9t	€151.9b	16.1x	13.8x	0.7x
Mon, 16 Oct 2023	€2.0t	€3.0t	€131.5b	15.9x	15.5x	0.7x
Wed, 13 Sep 2023	€2.1t	€3.0t	€131.1b	16.2x	16.2x	0.7x
Fri, 11 Aug 2023	€2.2t	€3.0t	€135.3b	16.6x	16x	0.7x
Sun, 09 Jul 2023	€2.1t	€3.0t	€138.8b	16.8x	15.3x	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 20.4x.

Past Earnings Growth

The earnings for companies in the German industry have declined 3.0% per year over the last three years.
Revenues have also declined 4.3% 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 Market	0.57%
Healthcare	5.87%
Consumer Staples	2.19%
Tech	1.81%
Industrials	1.62%
Financials	1.26%
Real Estate	0.98%
Utilities	0.69%
Energy	-0.93%
Consumer Discretionary	-2.31%
Materials	-4.64%
Telecom	-5.58%

Sector PE

Investors favour the Materials sector the most for future growth, which is trading above its 3-year average PE ratio of 60.8x.

The market's confidence is likely because analysts are expecting annual earnings growth of 32.9%, 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 40% over the next 5 years.
However this is lower than its past earnings growth rate of 135% 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?

Company	Last Price	7D	1Y	Valuation	Sector
SAP SAP	€141.00	6.6% +€10.2b	-45.4%	PE22.5x	Tech
BAYN Bayer	€53.12	13.0% +€6.0b	103.9%	PS1.2x	Healthcare
RHM Rheinmetall	€1.08k	13.6% +€6.0b	-36.7%	PE47.7x	Industrials
ALV Allianz	€418.60	2.8% +€4.2b	21.7%	PE13.3x	Financials
SIE Siemens	€276.50	1.5% +€3.2b	24.9%	PE27.9x	Industrials

An unknown funds managed by The Carlyle Group Inc. (NasdaqGS:CG), and Qatar Investment Authority completed the acquisition of 60% stake in Automotive OEM Coatings, Automotive Refinish Coatings, and Surface Treatment Businesses of BASF SE.

An unknown funds managed by The Carlyle Group Inc. (NasdaqGS:CG), and Qatar Investment Authority entered into a binding agreement to acquire 60% stake in Automotive OEM Coatings, Automotive Refinish Coatings, and Surface Treatment Businesses of BASF SE for an enterprise value of €7.7 billion on October 10, 2025. As part of the acquisition, BASF SE will also reinvest in the coatings business holding a 40% equity stake and will receive pre-tax cash proceeds of €5.8 billion at closing of the transaction. For the period ending December 31, 2024, Automotive OEM Coatings, Automotive Refinish Coatings, and Surface Treatment Businesses of BASF SE reported total revenue of €3.8 billion. The transaction is subject to customary regulatory approvals and is expected to close in Q2 2026. As of March 26, 2026, BASF Coatings announced that Jens Luehring will be appointed Chief Executive Officer upon closing of the transaction between BASF and Carlyle, which will establish a standalone coatings company. Uta Holzenkamp will continue to lead BASF Coatings until closing and will then support Jens Luehring to ensure a smooth transition. The transaction between BASF and Carlyle, is subject to customary regulatory approvals and is expected to close in the second quarter of 2026. The transaction has been approved by European Commission on June 2, 2026. Bank of America Merrill Lynch International Limited Zweigniederlassung Frankfurt am Main acted as financial advisor to BASF SE. Evercore Group L.L.C. acted as financial advisor to The Carlyle Group Inc. Sebastian Heim, Norbert Rieger, Pascal Härdtner, Jan Häller, Paul Bennett, Rolf Füger, Matthias Schell, Max A. Goodman, Alexander Rinne, David Schwenneker of Milbank LLP provided comprehensive advice to Carlyle. Shaun Hartley, Paul Sheridan, Jeff Chenard, Manu Gayatrinath, Patrick Shannon, and Jason Licht, Steven Betensky and Pelin Serpin, Ian Conner, Luca Crocco and Jana Dammann de Chapto of Latham & Watkins LLP acted as legal advisor Carlyle. Frank Röhling, Rafique Bachour, Norbert Schneider, Claude Stansbury, Frank Schaer, Thomas Granetzny, Christel Cacioppo, Michael Ramb, Marius Scherb, Rick van Aerssen, Maximilian Lasson of Freshfields acted as legal advisor BASF. Wells Fargo Securities, LLC acted as financial advisor to The Carlyle Group Inc. Jan Bauer, Ruediger Schmidt-Bendun, Johannes Frey, Frank-M.Schwarz, Susanne Werry of Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisor to Qatar Investment Authority. Darshika Kothari and Kunal Kumbhat of AZB & Partners acted as legal advisor to BASF. Ana Nicoleta Andreiana and Caroline Halembert of Loyens & Loeff acted as legal advisor to The Carlyle Group Inc. An unknown funds managed by The Carlyle Group Inc. (NasdaqGS:CG), and Qatar Investment Authority completed the acquisition of 60% stake in Automotive OEM Coatings, Automotive Refinish Coatings, and Surface Treatment Businesses of BASF SE on June 30, 2026. Following completion of the transaction, BASF SE now holds a 40% equity stake in Surventis, formerly BASF Coatings, comprising the automotive OEM coatings, automotive refinish coatings, and surface treatment businesses.

German (DAX) Market Analysis & Valuation

Market Valuation and Performance

Sector Trends

Top Stock Gainers and Losers

Market Insights

Finding dividends that actually last

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An unknown funds managed by The Carlyle Group Inc. (NasdaqGS:CG), and Qatar Investment Authority completed the acquisition of 60% stake in Automotive OEM Coatings, Automotive Refinish Coatings, and Surface Treatment Businesses of BASF SE.

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