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

German (DAX) Market Analysis & Valuation

UpdatedApr 04, 2026
DataAggregated Company Financials
Companies774
  • 7D3.4%
  • 3M-4.9%
  • 1Y8.1%
  • YTD-4.9%

The market is up 3.4% over the last week, with the Industrials sector leading the way, up 5.1%. As for the past 12 months, the market is up 8.1%. Looking forward, 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
Sat, 04 Apr 2026€2.5t€2.6t€125.2b17.5x20x0.9x
Mon, 02 Mar 2026€2.7t€2.7t€105.0b18.1x25.8x1x
Wed, 28 Jan 2026€2.7t€2.7t€104.1b18.2x25.6x1x
Fri, 26 Dec 2025€2.6t€2.7t€103.6b17.9x25.1x1x
Sun, 23 Nov 2025€2.5t€2.7t€104.7b17.5x23.5x0.9x
Tue, 21 Oct 2025€2.6t€2.7t€101.5b18.2x25.4x1x
Thu, 18 Sep 2025€2.5t€2.7t€101.9b18.6x24.6x0.9x
Sat, 16 Aug 2025€2.6t€2.7t€101.6b19x25.9x1x
Mon, 14 Jul 2025€2.6t€2.7t€103.8b19x25x1x
Wed, 11 Jun 2025€2.6t€2.7t€103.6b19x25x1x
Fri, 09 May 2025€2.5t€2.7t€107.7b18.8x23.7x0.9x
Sun, 06 Apr 2025€2.3t€2.7t€107.9b17.3x21.3x0.9x
Tue, 04 Mar 2025€2.6t€2.7t€125.5b16.6x20.5x0.9x
Thu, 30 Jan 2025€2.4t€2.7t€114.6b16.6x21.2x0.9x
Sat, 28 Dec 2024€2.3t€2.7t€114.3b15.7x19.9x0.8x
Mon, 25 Nov 2024€2.2t€2.7t€112.8b15.8x19.9x0.8x
Wed, 23 Oct 2024€2.3t€2.7t€119.2b16.2x19.2x0.8x
Fri, 20 Sep 2024€2.2t€2.7t€119.7b17x18.7x0.8x
Sun, 18 Aug 2024€2.2t€2.7t€118.2b17.3x18.4x0.8x
Tue, 16 Jul 2024€2.2t€2.7t€111.2b18x19.9x0.8x
Thu, 13 Jun 2024€2.2t€2.7t€110.8b17.6x20.1x0.8x
Sat, 11 May 2024€2.3t€2.7t€113.3b17.7x20.1x0.8x
Mon, 08 Apr 2024€2.3t€2.8t€119.5b17.2x19.1x0.8x
Wed, 06 Mar 2024€2.2t€2.8t€126.2b15.9x17.5x0.8x
Fri, 02 Feb 2024€2.2t€2.9t€147.7b16.2x14.6x0.8x
Sun, 31 Dec 2023€2.2t€2.9t€146.5b16.8x14.7x0.8x
Tue, 28 Nov 2023€2.1t€2.9t€147.8b16.2x14.2x0.7x
Thu, 26 Oct 2023€2.0t€3.0t€131.8b15.4x15x0.7x
Sat, 23 Sep 2023€2.1t€3.0t€131.2b16x16x0.7x
Mon, 21 Aug 2023€2.1t€3.0t€131.8b16.5x16.1x0.7x
Wed, 19 Jul 2023€2.2t€3.0t€138.8b16.9x15.8x0.7x
Fri, 16 Jun 2023€2.2t€3.0t€140.2b17.3x15.7x0.7x
Sun, 14 May 2023€2.2t€3.0t€140.9b17.3x15.5x0.7x
Tue, 11 Apr 2023€2.2t€3.0t€148.2b16.6x14.8x0.7x
Price to Earnings Ratio

14.8x


Total Market Cap: €2.2tTotal Earnings: €148.2bTotal Revenue: €3.0tTotal Market Cap vs Earnings and Revenue0%0%0%
German Market Price to Earnings3Y Average 20x202420252026
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 20.0x.
Past Earnings Growth
  • The earnings for companies in the German industry have declined 5.5% per year over the last three years.
  • Revenues have also declined 4.0% 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 Market3.36%
Utilities5.43%
Industrials5.12%
Real Estate4.54%
Financials4.41%
Tech4.19%
Healthcare2.44%
Consumer Discretionary2.17%
Consumer Staples0.35%
Materials0.18%
Telecom-1.53%
Energy-1.96%
Sector PE
  • Investors favour the Materials sector the most for future growth, which is trading above its 3-year average PE ratio of 56.2x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 30.8% 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 55% 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
RHM Rheinmetall€1.57k13.8%
+€8.9b		23.1%PE70.9xIndustrials
SAP SAP€148.904.4%
+€7.4b		-35.6%PE24.3xTech
SIE Siemens€213.354.1%
+€6.4b		14.9%PE20.7xIndustrials
ALV Allianz€367.904.8%
+€6.3b		10.7%PE13.2xFinancials
ENR Siemens Energy€149.703.7%
+€4.5b		202.4%PE67.6xIndustrials
See more

Market Insights

Header cover image
What’s happening with Renewables & EVs?
Richard Bowman avatar
Richard Bowman
Part 1 of 3 in our “What’s happening with…” series, where we look back on the investment themes that were all the rage just a few years ago and see how they're doing now.
Continue reading
How to spot the winners in 2026's IPOs

Latest News

KGX
€41.74
KION GROUP
7D
-6.6%
1Y
32.5%

KGX: AI Warehouse Automation And Lumpy Volumes Will Shape Future Upside

Analysts have raised the fair value estimate for KION GROUP from €48.50 to €52.00, reflecting updated assumptions on discount rate, revenue growth, profit margin and future P/E after a mix of recent price target changes and rating moves from the Street. Analyst Commentary Recent Street research paints a mixed picture for KION GROUP, with price target changes and rating shifts pointing to both optimism and caution.
VH2
€65.70
Friedrich Vorwerk Group
7D
-9.4%
1Y
25.4%
SIE
€213.35
Siemens
7D
4.1%
1Y
14.9%
RWE
€59.00
RWE
7D
7.9%
1Y
82.5%

RWE: Future Returns Will Hinge On US Buildout And Fusion Partnerships

RWE's updated fair value estimate has risen from €57.44 to €59.49 as analysts factor in recently higher price targets from several banks and slightly adjust assumptions on the discount rate, profit margin, and future P/E multiples. Analyst Commentary Recent Street research on RWE shows a cluster of upward price target revisions from several banks alongside a mix of rating changes.
RHM
€1,570.50
Rheinmetall
7D
13.8%
1Y
23.1%
ENR
€149.70
Siemens Energy
7D
3.7%
1Y
202.4%

ENR: Data Center Demand And Buyback Plan Will Support Future Repricing

Analysts have lifted their fair value estimate for Siemens Energy from €149.05 to €220.00, citing higher assumed revenue growth and profit margins, a slightly higher discount rate, and recent upbeat research, including Deutsche Bank's €35 price target increase and the UBS upgrade, as well as fresh Outperform coverage from Bernstein linked to expected data center driven earnings support and a pullback in valuations. Analyst Commentary Bullish analysts covering Siemens Energy have recently shifted toward a more constructive view, reflected in fresh upgrades and higher price targets.
EOAN
€19.71
E.ON
7D
6.3%
1Y
40.5%

EOAN: Split Ratings And Higher Dividend Proposal Will Shape Future Fair Value

Analysts have nudged the fair value estimate for E.ON higher from about €18.41 to €19.04, reflecting updated price targets and mixed rating changes that include upgrades to Outperform alongside fresh downgrades to Sell and Hold. Analyst Commentary Recent Street research on E.ON splits into clearly bullish and bearish camps, with new ratings and price targets ranging from €17.50 to €22.
SAP
€148.90
SAP
7D
4.4%
1Y
-35.6%
DB1
€255.60
Deutsche Börse
7D
7.0%
1Y
-1.8%

DB1: Future Upside Will Rely On Volatility Hedge And Trading Activity

The updated analyst price target for Deutsche Börse increases from about €261 to around €273, with analysts citing its role as a volatility hedge in European financials and the potential for higher trading and clearing revenue as key supports for this change. Analyst Commentary Recent research on Deutsche Börse has centered on how the stock reflects its role as a volatility hedge in European financials and the scope for trading and clearing revenue to support valuation.
FRE
€43.58
Fresenius SE KGaA
7D
-0.3%
1Y
14.5%
DTE
€30.77
Deutsche Telekom
7D
-2.9%
1Y
-5.6%
ALV
€367.90
Allianz
7D
4.8%
1Y
10.7%

ALV: Future Returns Will Reflect Capital Returns And AI Partnership Execution

Analyst price targets for Allianz have shifted higher, with the updated fair value estimate moving from €391.41 to €396.75. Analysts cite a series of recent target increases from firms lifting their views into a €370 to €504 range and broadly describing the shares as appropriately valued.
SPG
€17.04
Springer Nature KGaA
7D
-7.4%
1Y
-2.3%

We Think Springer Nature KGaA's (ETR:SPG) Profit Is Only A Baseline For What They Can Achieve

Mar 25
We Think Springer Nature KGaA's (ETR:SPG) Profit Is Only A Baseline For What They Can Achieve
CEC
€4.22
Ceconomy
7D
-4.4%
1Y
42.1%

CEC: Stable Outlook As CEO Transition And Assumptions Point To Fair Value

Analysts have kept their Ceconomy price target steady at €4.60, pointing to only small tweaks in discount rate, revenue growth, profit margin and future P/E assumptions rather than a change in their overall view. What's in the News Ceconomy announced that Chief Executive Officer Dr. Kai Ulrich Deissner has requested to step down from his role for personal reasons in the course of 2026, signaling an upcoming leadership change.
BAS
€50.94
BASF
7D
-2.2%
1Y
22.7%

BAS: Policy Hopes And Weak 2025 Guidance Will Constrain Share Price Upside

The analyst price target for BASF has been reduced by €2 to €36 to reflect a slightly lower fair value estimate, as analysts balance recent rating changes and mixed views on earnings visibility and valuation across the Street. Analyst Commentary Recent research on BASF reflects a split view, with some firms lifting ratings and targets while others question how sustainable the current valuation and earnings outlook might be.
BYW
€13.40
BayWa
7D
-10.7%
1Y
-30.0%