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German (DAX) Market Analysis & Valuation

UpdatedJul 08, 2026
DataAggregated Company Financials
Companies772
  • 7D2.0%
  • 3M2.3%
  • 1Y1.2%
  • YTD0.7%

Over the last 7 days, the market has risen 4.3%, driven by gains in every sector, especially the Industrials sector. In the last 12 months, the market has been flat. Looking forward, earnings are forecast to grow by 17% annually.

Trending IndustriesOil and GasBiotechSoftwareRenewable Energy

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 08 Jul 2026€2.6t€2.6t€126.6b17.1x20.9x1x
Fri, 05 Jun 2026€2.6t€2.6t€127.0b17.2x20.7x1x
Sun, 03 May 2026€2.6t€2.6t€125.8b18x20.6x1x
Tue, 31 Mar 2026€2.4t€2.6t€124.6b17.5x19.6x0.9x
Thu, 26 Feb 2026€2.7t€2.7t€106.9b18x25.2x1x
Sat, 24 Jan 2026€2.7t€2.7t€104.1b18.2x25.5x1x
Mon, 22 Dec 2025€2.6t€2.7t€103.6b18x25.1x1x
Wed, 19 Nov 2025€2.5t€2.7t€104.6b17.3x23.6x0.9x
Fri, 17 Oct 2025€2.6t€2.7t€101.5b18.2x25.3x1x
Sun, 14 Sep 2025€2.5t€2.7t€101.7b18.3x24.9x0.9x
Tue, 12 Aug 2025€2.6t€2.7t€103.8b19.1x25.2x1x
Thu, 10 Jul 2025€2.6t€2.7t€104.0b19x25.2x1x
Sat, 07 Jun 2025€2.6t€2.7t€103.6b19.3x25.2x1x
Mon, 05 May 2025€2.5t€2.7t€107.9b18.8x23.5x0.9x
Wed, 02 Apr 2025€2.5t€2.7t€108.2b17.8x23x0.9x
Fri, 28 Feb 2025€2.5t€2.7t€121.6b16.8x20.7x0.9x
Sun, 26 Jan 2025€2.4t€2.7t€114.2b16.7x21x0.9x
Tue, 24 Dec 2024€2.3t€2.7t€114.4b15.6x19.8x0.8x
Thu, 21 Nov 2024€2.2t€2.7t€112.1b15.7x19.7x0.8x
Sat, 19 Oct 2024€2.3t€2.7t€119.0b16.3x19.5x0.9x
Mon, 16 Sep 2024€2.2t€2.7t€119.6b16.2x18.4x0.8x
Wed, 14 Aug 2024€2.1t€2.7t€117.1b16.8x18.1x0.8x
Fri, 12 Jul 2024€2.2t€2.7t€111.4b18x19.9x0.8x
Sun, 09 Jun 2024€2.2t€2.7t€110.9b18.4x20.2x0.8x
Tue, 07 May 2024€2.2t€2.8t€120.2b17.3x18.6x0.8x
Thu, 04 Apr 2024€2.3t€2.8t€119.3b17x19.2x0.8x
Sat, 02 Mar 2024€2.2t€2.9t€124.7b15.9x17.8x0.8x
Mon, 29 Jan 2024€2.2t€2.9t€148.3b16.5x14.6x0.8x
Wed, 27 Dec 2023€2.2t€2.9t€147.3b16.3x14.6x0.8x
Fri, 24 Nov 2023€2.1t€2.9t€150.5b16x13.9x0.7x
Sun, 22 Oct 2023€2.0t€3.0t€132.1b15.6x15x0.7x
Tue, 19 Sep 2023€2.1t€3.0t€131.2b16.1x16.1x0.7x
Thu, 17 Aug 2023€2.2t€3.0t€132.2b16.5x16.3x0.7x
Sat, 15 Jul 2023€2.2t€3.0t€138.9b16.8x15.8x0.7x
Price to Earnings Ratio

15.8x


Total Market Cap: €2.2tTotal Earnings: €138.9bTotal Revenue: €3.0tTotal Market Cap vs Earnings and Revenue0%0%0%
German Market Price to Earnings3Y Average 20.5x202420252026
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 20.5x.
Past Earnings Growth
  • The earnings for companies in the German industry have declined 3.1% 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 Market1.96%
Telecom5.63%
Consumer Discretionary5.02%
Financials4.09%
Consumer Staples3.22%
Utilities3.21%
Materials2.36%
Healthcare2.09%
Real Estate2.09%
Industrials-0.38%
Tech-1.22%
Energy-1.42%
Sector PE
  • Investors favour the Materials sector the most for future growth, which is trading above its 3-year average PE ratio of 61.1x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 32.7%, 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?

CompanyLast Price7D1YValuationSector
SAP SAP€143.907.4%
+€11.6b		-45.5%PE23xTech
DTE Deutsche Telekom€25.747.9%
+€9.1b		-17.0%PE14.1xTelecom
RHM Rheinmetall€1.11k12.2%
+€5.6b		-39.3%PE49.3xIndustrials
DBK Deutsche Bank€32.319.0%
+€5.0b		29.3%PE10.1xFinancials
DHL Deutsche Post€56.686.7%
+€4.0b		43.3%PE17.8xIndustrials
See more

Market Insights

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Markets are supposed to reprice risk when it changes. This time they've repriced the promise, but left the threat largely untouched. Whether that's an oversight or a fair call is worth thinking through.
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Latest News

RHM
€1,111.60
Rheinmetall
7D
12.2%
1Y
-39.3%
ENR
€155.30
Siemens Energy
7D
-6.3%
1Y
69.7%
JEN
€37.86
Jenoptik
7D
-19.3%
1Y
91.7%
ALV
€422.80
Allianz
7D
2.1%
1Y
20.6%
MRK
€141.75
Merck KGaA
7D
-3.5%
1Y
27.0%
Narrative Update • Jul 06

MRK: Bio-Techne Deal And Life Science Recovery Will Drive Future Upside

Analysts have raised their fair value estimate for Merck KGaA from about €172 to roughly €177. This reflects higher blended price targets, even as they note that the planned Bio-Techne acquisition could justify the richer implied future P/E only in more optimistic scenarios.
DBK
€32.31
Deutsche Bank
7D
9.0%
1Y
29.3%
IFX
€70.83
Infineon Technologies
7D
-13.3%
1Y
87.3%
NDX1
€41.40
Nordex
7D
-10.4%
1Y
129.2%
SIE
€269.60
Siemens
7D
-4.1%
1Y
24.2%
Narrative Update • Jul 03

SIE: AI Infrastructure Partnerships Will Drive Future Earnings Quality And Repricing

The Siemens fair value estimate has been nudged higher from €335 to €355, reflecting analysts' updated price targets in the €260 to €345 range and their focus on revenue growth, profit margins and AI related infrastructure opportunities. Analyst Commentary Recent research on Siemens points to a generally constructive tone, with several bullish analysts lifting price targets and highlighting potential growth drivers tied to electrification, digitalization and AI related infrastructure.
DTE
€25.74
Deutsche Telekom
7D
7.9%
1Y
-17.0%
SAP
€143.90
SAP
7D
7.4%
1Y
-45.5%
Narrative Update • Jul 01

SAP: Autonomous AI Suite Progress Will Support Future Upside

The analyst price target for SAP is revised from about €234 to about €214, reflecting a series of recent target cuts and mixed commentary from firms that see slower than expected AI adoption alongside ongoing efforts to close product gaps. Analyst Commentary Recent research on SAP highlights a split view, with some bullish analysts seeing room for upside tied to product execution and others taking a more cautious stance as they reassess growth and valuation assumptions.
AIXA
€43.95
AIXTRON
7D
-16.5%
1Y
172.1%
Narrative Update • Jul 01

AIXA: AI Data Center Hopes Will Struggle Against Mounting Execution Risks

The updated analyst price target for Aixtron rises from about €26 to €39. This reflects revised assumptions on fair value, discount rate, revenue growth, profit margin and future P/E that are broadly in line with recent target increases from several banks, including higher estimates up to €70.
HOT
€472.00
HOCHTIEF
7D
-6.9%
1Y
172.8%
Narrative Update • Jul 01

HOT: Index Promotion And Upgrades Will Likely Leave Shares Overstretched

Analysts have raised their fair value estimate for HOCHTIEF from about €167.50 to €259.00, citing updated assumptions on discount rates, revenue growth, profit margins and future P/E, as reflected in recent upgrades such as Kepler Cheuvreux turning more positive on the stock. What's in the News for HOCHTIEF HOCHTIEF Aktiengesellschaft has been added to the Germany DAX Index (Performance), according to a key index constituent update.
DHL
€56.68
Deutsche Post
7D
6.7%
1Y
43.3%
DB1
€259.70
Deutsche Börse
7D
8.8%
1Y
-3.9%
EOAN
€19.06
E.ON
7D
5.7%
1Y
21.1%
Narrative Update • Jun 24

EOAN: Upgraded Rating And Growing Dividend Will Support Future Upside Potential

Analysts have raised their price expectations for E.ON, with recent targets clustering around €19 to €21.50 as they reassess the stock in light of updated research and changes in overall ratings. Analyst Commentary Recent research on E.ON points to a more balanced stance, with price targets now clustering in a relatively tight band and at least one upgrade in rating as analysts reassess the risk and reward profile for the stock.