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

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 20.3x.

Which sectors have driven the changes within the German Market?

Investors favour the Materials sector the most for future growth, which is trading above its 3-year average PE ratio of 59.3x. The market's confidence is likely because analysts are expecting annual earnings growth of 31.6%, 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.

German (DAX) Market Analysis & Valuation

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Tue, 02 Jun 2026	€2.7t	€2.6t	€127.1b	17.4x	20.9x	1x
Thu, 30 Apr 2026	€2.6t	€2.6t	€126.3b	17.9x	20.3x	1x
Sat, 28 Mar 2026	€2.4t	€2.6t	€125.0b	17.2x	19.4x	0.9x
Mon, 23 Feb 2026	€2.7t	€2.7t	€106.9b	17.6x	25.3x	1x
Wed, 21 Jan 2026	€2.6t	€2.7t	€103.7b	18.1x	25.3x	1x
Fri, 19 Dec 2025	€2.6t	€2.7t	€103.6b	17.9x	25x	1x
Sun, 16 Nov 2025	€2.5t	€2.7t	€104.8b	17.7x	24.2x	0.9x
Tue, 14 Oct 2025	€2.6t	€2.7t	€101.7b	18.5x	25.4x	1x
Thu, 11 Sep 2025	€2.5t	€2.7t	€101.8b	18.2x	25x	0.9x
Sat, 09 Aug 2025	€2.6t	€2.7t	€103.3b	18.8x	25.4x	1x
Mon, 07 Jul 2025	€2.5t	€2.7t	€103.8b	19x	24.5x	0.9x
Wed, 04 Jun 2025	€2.6t	€2.7t	€103.4b	19.2x	25.1x	1x
Fri, 02 May 2025	€2.5t	€2.7t	€111.3b	18.5x	22.4x	0.9x
Sun, 30 Mar 2025	€2.5t	€2.7t	€108.3b	17.9x	23x	0.9x
Tue, 25 Feb 2025	€2.5t	€2.7t	€112.0b	17.1x	22.4x	0.9x
Thu, 23 Jan 2025	€2.4t	€2.7t	€114.2b	16.6x	20.7x	0.9x
Sat, 21 Dec 2024	€2.3t	€2.7t	€114.1b	15.3x	19.8x	0.8x
Mon, 18 Nov 2024	€2.2t	€2.7t	€112.2b	16.1x	20x	0.8x
Wed, 16 Oct 2024	€2.3t	€2.7t	€119.0b	16.4x	19.3x	0.9x
Fri, 13 Sep 2024	€2.2t	€2.7t	€119.6b	16.4x	18.2x	0.8x
Sun, 11 Aug 2024	€2.1t	€2.7t	€117.1b	17.1x	18x	0.8x
Tue, 09 Jul 2024	€2.2t	€2.7t	€111.3b	18.4x	19.8x	0.8x
Thu, 06 Jun 2024	€2.2t	€2.7t	€110.9b	18.1x	20.3x	0.8x
Sat, 04 May 2024	€2.2t	€2.8t	€120.3b	17.2x	18.5x	0.8x
Mon, 01 Apr 2024	€2.3t	€2.8t	€119.2b	17.1x	19.3x	0.8x
Wed, 28 Feb 2024	€2.2t	€2.8t	€152.7b	15.9x	14.5x	0.8x
Fri, 26 Jan 2024	€2.1t	€2.9t	€148.2b	16.5x	14.5x	0.8x
Sun, 24 Dec 2023	€2.2t	€2.9t	€147.3b	16.3x	14.6x	0.8x
Tue, 21 Nov 2023	€2.1t	€2.9t	€150.5b	15.9x	13.9x	0.7x
Thu, 19 Oct 2023	€2.0t	€3.0t	€131.5b	16x	15.4x	0.7x
Sat, 16 Sep 2023	€2.1t	€3.0t	€131.2b	16.4x	16.3x	0.7x
Mon, 14 Aug 2023	€2.2t	€3.0t	€134.7b	16.6x	16x	0.7x
Wed, 12 Jul 2023	€2.1t	€3.0t	€138.8b	16.7x	15.5x	0.7x
Fri, 09 Jun 2023	€2.2t	€3.0t	€140.2b	17.1x	15.6x	0.7x


DE Market	-0.78%
Tech	2.39%
Consumer Discretionary	2.28%
Materials	1.73%
Real Estate	0.033%
Energy	-0.91%
Healthcare	-1.11%
Telecom	-1.22%
Consumer Staples	-1.38%
Utilities	-1.77%
Industrials	-2.14%
Financials	-3.02%

Company	Last Price	7D	1Y	Valuation	Sector
SAP SAP	€167.90	8.7% +€15.7b	-36.5%	PE26.8x	Tech
IFX Infineon Technologies	€80.35	4.7% +€4.7b	137.5%	PE97.2x	Tech
DHL Deutsche Post	€51.40	2.3% +€1.3b	31.0%	PE16.2x	Industrials
ADS adidas	€165.00	4.5% +€1.3b	-24.3%	PE21x	Consumer Discretionary
HEI Heidelberg Materials	€185.95	2.8% +€881.8m	6.5%	PE16.5x	Materials

Announcement • 10h

Bayer Presents Primary Results from Phase II ARACOG Trial for NUBEQA (Darolutamide) Regarding Cognitive Decline in Men with Advanced Prostate Cancer Compared to Enzalutamide

Bayer presented primary results from the Phase II ARACOG (AFT-47) trial, a head-to-head randomized trial conducted by Alliance Foundation Trials LLC, showing that patients treated with NUBEQA (darolutamide; n=55) experienced significantly less decline in objective cognitive performance over 24 weeks compared with those treated with enzalutamide (n=56). NUBEQA is indicated in the U.S. for the treatment of adult patients with metastatic castration-sensitive prostate cancer (mCSPC) both with and without docetaxel, and for the treatment of adult patients with non-metastatic castration-resistant prostate cancer (nmCRPC). The trial met its primary endpoint, with median cognitive change from baseline to 24 weeks in maximally changed cognitive domain (MCCD) measuring -15.8% (-38.8, -2.6) for NUBEQA compared to -36.1% (-59.3, -16.7) for enzalutamide (p=0.009) in patients with advanced prostate cancer. Individual cognitive domain scores increased with NUBEQA, while scores remained stable or showed mild decline with enzalutamide. Cognitive function was measured objectively across domains including executive function, working memory, visual memory and attention. The largest percentage change between NUBEQA and enzalutamide was observed in executive function and working memory. Executive function and working memory are primarily responsible for short term memory and management of tasks in the brain, such as following conversations, remembering directions or keeping track of information. Secondary endpoints of ARACOG included comparison in rates of crossover, which was permitted at 12 or 24 weeks for significant pre-specified decline in cognitive testing or patient-reported outcome measures, or for central nervous system-associated adverse events, including falls. By 24 weeks, 32 patients in the NUBEQA arm and 33 patients in the enzalutamide arm were eligible for crossover. Of the 23 patients who crossed over, all had been randomized to enzalutamide and crossed over to NUBEQA, most commonly due to decline in objective (n=14) or subjective (n=11) cognitive testing. Patients qualified for cross-over based on worsening seen on objective or subjective cognitive tests. Longer-term follow-up of cognitive change and patient-reported outcome measure (PROM) analyses are ongoing. ARACOG (NCT04335682) is a U.S. prospective, randomized, open-label Phase II trial conducted by the Alliance for Clinical Trials in Oncology, evaluating objective and patient-reported cognitive and quality-of-life outcomes in patients with metastatic castration sensitive prostate cancer (mCSPC), metastatic castration-resistant prostate cancer (mCRPC) or non-metastatic castration-resistant prostate cancer (nmCRPC) treated with NUBEQA or enzalutamide. Patients (N=111) were enrolled and randomized 1:1 to treatment with enzalutamide or NUBEQA. CANTAB, a validated computer-based platform evaluating five cognitive domains, was performed at baseline, 12, 24 and 48 weeks. The primary endpoint was the percent change in the maximally changed cognitive domain from baseline to 24 weeks and was compared between groups with the Wilcoxon rank sum statistic. Secondary endpoints included comparison of crossover rates. A study limitation was that crossover criteria included subjective outcomes in the context of an open-label trial. CANTAB is a research tool and not used for clinical diagnosis. NUBEQA (darolutamide) is an androgen receptor inhibitor (ARi) with a distinct chemical structure that competitively inhibits androgen binding, AR nuclear translocation, and AR-mediated transcription. NUBEQA was developed jointly by Bayer and Orion Corporation, a globally operating Finnish pharmaceutical company. NUBEQA is an androgen receptor inhibitor indicated for the treatment of adult patients with non-metastatic castration-resistant prostate cancer (nmCRPC), metastatic castration-sensitive prostate cancer (mCSPC), metastatic castration-sensitive prostate cancer (mCSPC) in combination with docetaxel. Ischemic heart disease, including fatal cases, occurred in patients receiving NUBEQA. In a pooled analysis of ARAMIS and ARANOTE, ischemic heart disease occurred in 3.4% of patients receiving NUBEQA and 2.2% receiving placebo, including Grade 3-4 events in 1.4% and 0.3%, respectively. Ischemic events led to death in 0.4% of patients receiving NUBEQA and 0.4% receiving placebo. In ARASENS, ischemic heart disease occurred in 3.2% of patients receiving NUBEQA with docetaxel and 2% receiving placebo with docetaxel, including Grade 3-4 events in 1.3% and 1.1%, respectively. Ischemic events led to death in 0.3% of patients receiving NUBEQA with docetaxel and 0% receiving placebo with docetaxel. Monitor for signs and symptoms of ischemic heart disease. Optimize management of cardiovascular risk factors, such as hypertension, diabetes, or dyslipidemia. Discontinue NUBEQA for Grade 3-4 ischemic heart disease. Seizure occurred in patients receiving NUBEQA. In a pooled analysis of ARAMIS and ARANOTE, Grade 1-3 seizure occurred in 0.2% of patients receiving NUBEQA. Seizure occurred from 261 to 665 days after initiation of NUBEQA. In ARASENS, seizure occurred in 0.8% of patients receiving NUBEQA with docetaxel, including two Grade 3 events. Seizure occurred from 38 to 1754 days after initiation of NUBEQA. It is unknown whether anti-epileptic medications will prevent seizures with NUBEQA. Advise patients of the risk of developing a seizure while receiving NUBEQA and of engaging in any activity where sudden loss of consciousness could cause harm to themselves or others. Consider discontinuation of NUBEQA in patients who develop a seizure during treatment. The safety and efficacy of NUBEQA have not been established in females. NUBEQA can cause fetal harm and loss of pregnancy. Advise males with female partners of reproductive potential to use effective contraception during treatment with NUBEQA and for 1 week after the last dose. In ARAMIS, serious adverse reactions occurred in 25% of patients receiving NUBEQA and in 20% of patients receiving placebo. Serious adverse reactions in =1% of patients who received NUBEQA included urinary retention, pneumonia, and hematuria.

Announcement • 10h

Siemens Powers the Next Phase of Industrial AI with Intelligence Center X

Siemens announced Intelligence Center X, new industrial AI orchestration software designed to help organizations turn industrial AI from isolated experimentation into scalable, real world business impact through a hybrid workforce where people and AI agents work together with shared context, workflows and lifecycle intelligence. By connecting data, models and workflows on a single governed foundation, Intelligence Center X enables companies to deploy AI-driven applications and agents faster, with full traceability and control. Intelligence Center X combines the Mendix™ low-code platform with Siemens' Graph Studio and AI Studio software from the Rapidminer® portfolio to create the enterprise context, business-specific lifecycle intelligence, and orchestrated agents and intelligent applications businesses needed to turn AI ambition into real value gains. Across industries, companies have invested in AI but are struggling to scale beyond pilots because data is fragmented, governance is inconsistent, and AI insight does not connect to real workflows. Intelligence Center X is designed to close that gap as the production-ready system that orchestrates people and AI agents together, on top of what enterprises already own, with full auditability and policy controls. Intelligence Center X is designed to connect industrial data across engineering, manufacturing, supply chain and service into shared lifecycle intelligence that AI can act on. As part of the Siemens Xcelerator portfolio, Intelligence Center X is designed to work alongside existing enterprise and operational data solutions to enable agentic workflows to operate with trusted data across the broader ecosystem. This approach is supported by Siemens' data and cloud ecosystem partners. Intelligence Center X deploys in three patterns: layered on Siemens AI products to amplify lifecycle intelligence with out-of-the-box industrial ontologies; as a standalone platform for asset-intensive organizations running other OT vendors; or as a pure agentic enterprise platform for financial services, insurance, healthcare, government, and retail organizations that need production-grade AI execution with full auditability.

German (DAX) Market Analysis & Valuation

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