Narrative Update • Jul 21
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German (DAX) Market Analysis & Valuation
UpdatedJul 24, 2026
DataAggregated Company Financials
Companies774
- 7D-1.0%
- 3M-0.3%
- 1Y-2.2%
- YTD-2.0%
In the last week, the market has stayed flat, however the Energy sector stood out, gaining 5.2%. In line with that, the market has also been flat over the past year. Earnings are forecast to grow by 16% annually.
Market Valuation and Performance
Has the German Market valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Fri, 24 Jul 2026 | €2.6t | €2.6t | €126.9b | 17.1x | 20.3x | 1x |
| Sun, 21 Jun 2026 | €2.6t | €2.6t | €126.9b | 17x | 20.6x | 1x |
| Tue, 19 May 2026 | €2.6t | €2.6t | €126.9b | 17x | 20.4x | 1x |
| Thu, 16 Apr 2026 | €2.6t | €2.6t | €125.6b | 18x | 20.7x | 1x |
| Sat, 14 Mar 2026 | €2.5t | €2.7t | €100.3b | 17.8x | 25.2x | 1x |
| Mon, 09 Feb 2026 | €2.7t | €2.7t | €106.2b | 17.4x | 25x | 1x |
| Wed, 07 Jan 2026 | €2.7t | €2.7t | €103.6b | 18.3x | 25.7x | 1x |
| Fri, 05 Dec 2025 | €2.6t | €2.7t | €102.2b | 18.1x | 25x | 1x |
| Sun, 02 Nov 2025 | €2.5t | €2.7t | €97.6b | 18x | 26.1x | 0.9x |
| Tue, 30 Sep 2025 | €2.5t | €2.7t | €101.7b | 18.2x | 24.9x | 0.9x |
| Thu, 28 Aug 2025 | €2.6t | €2.7t | €100.4b | 19x | 25.5x | 1x |
| Sat, 26 Jul 2025 | €2.6t | €2.7t | €106.7b | 19x | 24.4x | 1x |
| Mon, 23 Jun 2025 | €2.5t | €2.7t | €103.6b | 18.6x | 24.1x | 0.9x |
| Wed, 21 May 2025 | €2.6t | €2.7t | €103.5b | 19.1x | 25.2x | 1x |
| Fri, 18 Apr 2025 | €2.4t | €2.7t | €107.8b | 17.6x | 22x | 0.9x |
| Sun, 16 Mar 2025 | €2.5t | €2.7t | €122.5b | 17.2x | 20.8x | 0.9x |
| Tue, 11 Feb 2025 | €2.5t | €2.7t | €113.3b | 16.9x | 21.7x | 0.9x |
| Thu, 09 Jan 2025 | €2.3t | €2.7t | €114.5b | 16.2x | 20.1x | 0.8x |
| Sat, 07 Dec 2024 | €2.3t | €2.7t | €114.2b | 15.8x | 20.4x | 0.9x |
| Mon, 04 Nov 2024 | €2.3t | €2.7t | €115.9b | 15.3x | 19.4x | 0.8x |
| Wed, 02 Oct 2024 | €2.3t | €2.7t | €119.8b | 16.4x | 19x | 0.8x |
| Fri, 30 Aug 2024 | €2.2t | €2.7t | €118.9b | 16.9x | 18.8x | 0.8x |
| Sun, 28 Jul 2024 | €2.2t | €2.7t | €109.6b | 17.7x | 20x | 0.8x |
| Tue, 25 Jun 2024 | €2.2t | €2.7t | €110.6b | 17.1x | 19.8x | 0.8x |
| Thu, 23 May 2024 | €2.3t | €2.7t | €110.8b | 17.6x | 20.4x | 0.8x |
| Sat, 20 Apr 2024 | €2.2t | €2.8t | €119.0b | 17.3x | 18.7x | 0.8x |
| Mon, 18 Mar 2024 | €2.2t | €2.8t | €122.2b | 16.4x | 18.3x | 0.8x |
| Wed, 14 Feb 2024 | €2.1t | €2.9t | €152.2b | 16.1x | 14.1x | 0.8x |
| Fri, 12 Jan 2024 | €2.1t | €2.9t | €146.5b | 16.2x | 14.6x | 0.7x |
| Sun, 10 Dec 2023 | €2.2t | €2.9t | €147.6b | 16.1x | 14.6x | 0.8x |
| Tue, 07 Nov 2023 | €2.0t | €2.9t | €161.2b | 15.9x | 12.5x | 0.7x |
| Thu, 05 Oct 2023 | €2.1t | €3.0t | €131.2b | 15.7x | 15.7x | 0.7x |
| Sat, 02 Sep 2023 | €2.1t | €3.0t | €130.4b | 16.2x | 16.4x | 0.7x |
| Mon, 31 Jul 2023 | €2.2t | €3.0t | €136.9b | 17x | 16.3x | 0.7x |
Price to Earnings Ratio
16.3x
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 2.5% per year over the last three years.
- Revenues have also declined 4.4% 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 | -0.97% | |
| Energy | 5.23% | |
| Utilities | 2.83% | |
| Industrials | 0.51% | |
| Materials | -0.91% | |
| Financials | -1.17% | |
| Healthcare | -1.61% | |
| Real Estate | -1.76% | |
| Consumer Staples | -1.87% | |
| Telecom | -1.89% | |
| Consumer Discretionary | -2.22% | |
| Tech | -3.69% | |
Sector PE
- Investors favour the Materials sector the most for future growth, which is trading above its 3-year average PE ratio of 61.8x.
- The market's confidence is likely because analysts are expecting annual earnings growth of 20.8%, 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 41% 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 | |
|---|---|---|---|---|---|---|
| RHM Rheinmetall | €1.02k | 5.5% +€2.5b | -41.7% | PE45.1x | Industrials | |
| RWE RWE | €58.92 | 6.0% +€2.3b | 62.6% | PE17.6x | Utilities | |
| 8TRA Traton | €40.50 | 13.1% +€2.3b | 22.8% | PE15.5x | Industrials | |
| DTG Daimler Truck Holding | €45.77 | 6.9% +€2.2b | 3.7% | PE29.6x | Industrials | |
| EOAN E.ON | €19.59 | 3.7% +€1.8b | 23.9% | PE14.9x | Utilities |
