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

German (DAX) Market Analysis & Valuation

UpdatedJun 30, 2026
DataAggregated Company Financials
Companies775
  • 7D-2.4%
  • 3M4.4%
  • 1Y-0.6%
  • YTD-2.4%

Over the last 7 days, the market has dropped 2.4%, driven by a loss of 4.9% in the Industrials sector. Meanwhile, the Healthcare sector has outperformed, gaining 6.5% in that time. Overall the market has been flat in the last year. 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
Tue, 30 Jun 2026€2.6t€2.6t€126.9b17x20.2x1x
Thu, 28 May 2026€2.7t€2.6t€126.9b17.3x21x1x
Sat, 25 Apr 2026€2.6t€2.6t€126.0b17.8x20.5x1x
Mon, 23 Mar 2026€2.4t€2.6t€100.0b17.2x24.3x0.9x
Wed, 18 Feb 2026€2.7t€2.7t€106.9b17.4x25x1x
Fri, 16 Jan 2026€2.7t€2.7t€103.6b18.3x26x1x
Sun, 14 Dec 2025€2.6t€2.7t€103.7b17.8x25x1x
Tue, 11 Nov 2025€2.5t€2.7t€99.8b17.7x25.4x0.9x
Thu, 09 Oct 2025€2.6t€2.7t€101.6b18.6x25.7x1x
Sat, 06 Sep 2025€2.6t€2.7t€101.8b18.6x25.1x1x
Mon, 04 Aug 2025€2.5t€2.7t€101.8b18.5x25x1x
Wed, 02 Jul 2025€2.6t€2.7t€103.7b19.1x24.6x0.9x
Fri, 30 May 2025€2.6t€2.7t€103.4b18.6x25x1x
Sun, 27 Apr 2025€2.5t€2.7t€111.7b18.1x22.1x0.9x
Tue, 25 Mar 2025€2.5t€2.7t€129.8b18.1x19.5x0.9x
Thu, 20 Feb 2025€2.5t€2.7t€112.2b17.1x22.6x0.9x
Sat, 18 Jan 2025€2.4t€2.7t€114.2b16.3x20.6x0.9x
Mon, 16 Dec 2024€2.3t€2.7t€114.1b16x20.3x0.9x
Wed, 13 Nov 2024€2.2t€2.7t€111.2b15.4x20x0.8x
Fri, 11 Oct 2024€2.3t€2.7t€119.2b16.4x19.1x0.8x
Sun, 08 Sep 2024€2.2t€2.7t€119.6b16.5x18.1x0.8x
Tue, 06 Aug 2024€2.1t€2.7t€110.3b16.6x18.8x0.8x
Thu, 04 Jul 2024€2.2t€2.7t€111.3b17.9x19.7x0.8x
Sat, 01 Jun 2024€2.2t€2.7t€110.9b17.6x20.2x0.8x
Mon, 29 Apr 2024€2.3t€2.8t€120.1b16.7x18.7x0.8x
Wed, 27 Mar 2024€2.3t€2.8t€122.1b16.9x18.7x0.8x
Fri, 23 Feb 2024€2.2t€2.9t€151.2b15.8x14.5x0.8x
Sun, 21 Jan 2024€2.1t€2.9t€146.5b16.1x14.4x0.7x
Tue, 19 Dec 2023€2.2t€2.9t€147.6b16.2x14.7x0.8x
Thu, 16 Nov 2023€2.1t€5.7t€386.7b16.1x5.4x0.4x
Sat, 14 Oct 2023€2.0t€3.0t€131.4b15.8x15.5x0.7x
Mon, 11 Sep 2023€2.1t€3.0t€131.2b16.1x16.2x0.7x
Wed, 09 Aug 2023€2.1t€3.0t€142.1b16.2x15.1x0.7x
Fri, 07 Jul 2023€2.1t€3.0t€138.9b16.8x15.2x0.7x
Price to Earnings Ratio

15.2x


Total Market Cap: €2.1tTotal Earnings: €138.9bTotal Revenue: €3.0tTotal Market Cap vs Earnings and Revenue0%0%0%
German Market Price to Earnings3Y Average 20.4x202420252026
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-2.44%
Healthcare6.51%
Consumer Staples4.65%
Real Estate1.24%
Financials-0.57%
Utilities-1.28%
Tech-2.05%
Telecom-3.53%
Industrials-4.90%
Materials-5.39%
Consumer Discretionary-5.84%
Energy-6.52%
Sector PE
  • Investors favour the Materials sector the most for future growth, which is trading above its 3-year average PE ratio of 60.7x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 32.6%, 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.
Forecasted Growth
  • Analysts are most optimistic on the Energy sector, expecting annual earnings growth of 39% 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
BAYN Bayer€46.0320.6%
+€7.7b		80.3%PS1xHealthcare
MRK Merck KGaA€146.4010.1%
+€5.8b		33.1%PE25.1xHealthcare
SAP SAP€136.643.3%
+€5.2b		-47.1%PE21.8xTech
MTX MTU Aero Engines€359.106.3%
+€1.1b		-4.8%PE19.5xIndustrials
ADS adidas€180.903.7%
+€1.1b		-8.6%PE23.1xConsumer Discretionary
See more

Market Insights

Header cover image
Yield measures a moment. A decade of raising it measures the business: durable earnings, a clean balance sheet, and management disciplined enough to keep it.
Continue reading
Watt's left in the overcrowded power trade?

Latest News

RHM
€970.90
Rheinmetall
7D
-18.4%
1Y
-46.0%
MRK
€146.40
Merck KGaA
7D
10.1%
1Y
33.1%
SIE
€269.20
Siemens
7D
-3.5%
1Y
23.7%
DBK
€29.53
Deutsche Bank
7D
-6.3%
1Y
17.3%
MUV2
€485.30
Münchener Rückversicherungs-Gesellschaft in München
7D
1.5%
1Y
-11.9%
IFX
€78.24
Infineon Technologies
7D
-9.0%
1Y
116.6%
MTX
€359.10
MTU Aero Engines
7D
6.3%
1Y
-4.8%
Narrative Update • Jun 24

MTX: Future Returns Will Be Pressured By Execution Risks After Recent Downgrades

The analyst price target for MTU Aero Engines has been reduced from €290.82 to €275.00, as analysts factor in recent downgrades and target cuts alongside some more positive initiation and upgrade commentary. Analyst Commentary Recent Street research on MTU Aero Engines points to a mixed backdrop, with several bearish analysts trimming price targets and downgrading the stock, alongside a smaller group taking a more constructive stance.
BAYN
€46.03
Bayer
7D
20.6%
1Y
80.3%
Narrative Update • Jun 24

BAYN: Litigation Progress And Key Approvals Will Drive Future Re Rating

Analysts nudged their average price target for Bayer slightly higher to about €40.50, citing updated views on litigation risks, the outlook for the asundexian pipeline, and recent recalibrations of valuation multiples such as forward P/E. Analyst Commentary Recent Street research around Bayer highlights a mixed but gradually improving tone, with several bullish analysts adjusting price targets and ratings as they reassess litigation exposure, the asundexian opportunity, and the conglomerate discount.
BEI
€75.22
Beiersdorf
7D
5.6%
1Y
-29.4%
Narrative Update • Jun 24

BEI: Brand Execution And Q2 Delivery Will Support Recovery Outlook

The analyst price target for Beiersdorf has been reduced by €1 to reflect a lower fair value estimate of €87.37, as analysts factor in a series of recent target cuts and rating downgrades across the Street. Analyst Commentary Recent Street research on Beiersdorf points to a mixed but generally cautious stance, with several firms trimming price targets and a few shifting ratings.
ADS
€180.90
adidas
7D
3.7%
1Y
-8.6%
HEI
€167.15
Heidelberg Materials
7D
-9.7%
1Y
-16.2%
Narrative Update • Jun 22

HEI: Autonomous Quarry Rollout And Upgraded Ratings Will Support Future Re Rating

The analyst price target for Heidelberg Materials has been revised to €292 from €285, with analysts citing recent target increases and upgrades as support for the updated view. Analyst Commentary Bullish analysts covering Heidelberg Materials are highlighting recent target changes and upgrades as signs of growing confidence in the company’s outlook and execution.
DTE
€24.82
Deutsche Telekom
7D
-5.0%
1Y
-19.9%
Analysis Article • Jun 21

Deutsche Telekom (XTRA:DTE) Stock Could Be 30.6% Undervalued After Higher 2026 Guidance

Deutsche Telekom (XTRA:DTE) is back in focus after Q1 2026 results showed 4.7% organic revenue growth and a 7.5% rise in adjusted EBITDA AL, alongside upgraded full year guidance to about €47.50b. See our latest analysis for Deutsche Telekom. Despite the stronger Q1 update and higher guidance, Deutsche Telekom’s share price has moved the other way recently, with the stock down 8.95% over 30 days and 16.03% over 90 days, while the 5 year total shareholder return of 74.87% still reflects a very...
ENR
€157.06
Siemens Energy
7D
-7.1%
1Y
60.2%
SAP
€136.64
SAP
7D
3.3%
1Y
-47.1%
Narrative Update • Jun 17

SAP: Autonomous AI Execution In Core ERP Will Drive Future Repricing

The analyst price target for SAP stock has been revised lower by €20, as analysts factor in slower than expected AI adoption, along with company efforts to address gaps and accelerate AI-driven offerings. Analyst Commentary Recent research on SAP reflects a mixed backdrop, with several firms trimming price targets while still highlighting areas where the company could add value as AI offerings mature and execution around new products improves.
HOT
€496.60
HOCHTIEF
7D
-5.8%
1Y
196.8%
Narrative Update • Jun 17

HOT: Dividend Visibility And Upgraded Outlook Will Shape Future Share Returns

Analysts have raised their price target for HOCHTIEF to about €464 from roughly €441, citing updated fair value estimates and a more favorable stance reflected in recent upgrades. What’s in the News for HOCHTIEF No recent company specific news items for HOCHTIEF were provided in the available sources.
TLX
€109.30
Talanx
7D
3.5%
1Y
-0.5%
Narrative Update • Jun 15

TLX: Recent Bullish Coverage And Buybacks Will Support Future Upside Potential

Analysts have maintained their Talanx fair value at €143.00, reflecting a slightly higher discount rate and modest adjustments to revenue growth, profit margin and future P/E assumptions, supported by recent bullish updates and a new initiation from major firms on the stock. Analyst Commentary Bullish analysts have pointed to the recent research flow as a sign of growing confidence in Talanx, with the current €143.00 fair value seen as consistent with more constructive views on the stock's long term execution and earnings profile.