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German (DAX) Market Analysis & Valuation

UpdatedJul 28, 2026
DataAggregated Company Financials
Companies775
  • 7D1.3%
  • 3M2.2%
  • 1Y0.9%
  • YTD-0.05%

The market is up 1.3% in the last 7 days, led by the Industrials and Information Technology sectors. As for last year, the market performance has been flat. 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
Wed, 29 Jul 2026€2.6t€2.6t€127.2b17x20.6x1x
Fri, 26 Jun 2026€2.6t€2.6t€126.9b17x20.5x1x
Sun, 24 May 2026€2.6t€2.6t€126.7b16.9x20.8x1x
Tue, 21 Apr 2026€2.6t€2.6t€125.9b18.1x20.9x1x
Thu, 19 Mar 2026€2.5t€2.6t€99.5b17.8x25.5x1x
Sat, 14 Feb 2026€2.7t€2.7t€107.3b17.2x24.8x1x
Mon, 12 Jan 2026€2.7t€2.7t€103.6b18.5x26x1x
Wed, 10 Dec 2025€2.6t€2.7t€102.1b17.8x25.3x1x
Fri, 07 Nov 2025€2.5t€2.7t€99.8b17.7x25.2x0.9x
Sun, 05 Oct 2025€2.6t€2.7t€101.6b18.3x25.5x1x
Tue, 02 Sep 2025€2.6t€2.7t€101.6b18.7x25.6x1x
Thu, 31 Jul 2025€2.6t€2.7t€106.0b18.4x24.7x1x
Sat, 28 Jun 2025€2.6t€2.7t€103.7b19.1x24.7x0.9x
Mon, 26 May 2025€2.6t€2.8t€82.4b18.7x31.1x0.9x
Wed, 23 Apr 2025€2.4t€2.7t€107.8b17.5x22.1x0.9x
Fri, 21 Mar 2025€2.6t€2.7t€129.5b17.7x19.7x0.9x
Sun, 16 Feb 2025€2.5t€2.7t€112.2b17x22.3x0.9x
Tue, 14 Jan 2025€2.3t€2.7t€112.2b16.2x20.3x0.8x
Thu, 12 Dec 2024€2.3t€2.7t€114.3b16.1x20.4x0.9x
Sat, 09 Nov 2024€2.2t€2.7t€111.3b15.3x20.2x0.8x
Mon, 07 Oct 2024€2.3t€2.7t€119.4b16.9x19x0.8x
Wed, 04 Sep 2024€2.2t€2.7t€119.5b16.9x18.5x0.8x
Fri, 02 Aug 2024€2.2t€2.7t€109.2b17.2x19.8x0.8x
Sun, 30 Jun 2024€2.2t€2.7t€110.8b17.4x19.8x0.8x
Tue, 28 May 2024€2.0t€2.2t€82.6b18.1x24.5x0.9x
Thu, 25 Apr 2024€2.3t€2.8t€118.6b17.2x19x0.8x
Sat, 23 Mar 2024€2.3t€2.8t€121.0b16.3x18.7x0.8x
Mon, 19 Feb 2024€2.2t€2.9t€151.2b16x14.4x0.8x
Wed, 17 Jan 2024€2.1t€2.9t€146.5b16x14.4x0.7x
Fri, 15 Dec 2023€2.2t€2.9t€147.6b16.2x14.7x0.8x
Sun, 12 Nov 2023€2.0t€2.9t€150.5b15.5x13.4x0.7x
Tue, 10 Oct 2023€2.0t€3.0t€131.3b15.6x15.5x0.7x
Thu, 07 Sep 2023€2.1t€3.0t€130.3b16.1x16.4x0.7x
Sat, 05 Aug 2023€2.2t€3.0t€148.7b16.3x14.7x0.7x
Price to Earnings Ratio

14.7x


Total Market Cap: €2.2tTotal Earnings: €148.7bTotal Revenue: €3.0tTotal Market Cap vs Earnings and Revenue0%0%0%
German Market Price to Earnings3Y Average 20.6x202420252026
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 4.9% per year over the last three years.
  • Revenues have also declined 4.7% 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 Market1.26%
Tech4.25%
Industrials1.79%
Financials1.65%
Healthcare1.19%
Real Estate0.56%
Materials0.24%
Consumer Staples0.15%
Telecom0.093%
Consumer Discretionary-0.96%
Utilities-0.97%
Energy-1.67%
Sector PE
  • Investors favour the Materials sector the most for future growth, which is trading above its 3-year average PE ratio of 62.0x.
    • 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 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€159.2416.7%
+€24.5b		-35.9%PE23.6xTech
DTE Deutsche Telekom€27.593.4%
+€4.4b		-13.0%PE15xTelecom
MRK Merck KGaA€144.257.4%
+€4.3b		27.8%PE24.8xHealthcare
RHM Rheinmetall€1.09k9.2%
+€4.3b		-37.4%PE48.2xIndustrials
DTG Daimler Truck Holding€48.0911.2%
+€3.7b		11.2%PE31.1xIndustrials
See more

Market Insights

Header cover image
Healthcare just hit its lowest market weight since 1994. But dig deeper into the sector, and the collapse starts to look like a costume in some ways.
Continue reading
A brand’s strength doesn’t always last

Latest News

MRK
€144.25
Merck KGaA
7D
7.4%
1Y
27.8%
AIXA
€34.46
AIXTRON
7D
-18.8%
1Y
128.9%
DTG
€48.09
Daimler Truck Holding
7D
11.2%
1Y
11.2%
Narrative Update • Jul 28

DTG: Truck Market Recovery And Policy Shifts Will Shape Future Confidence

The analyst price target for Daimler Truck Holding in this update moves from €46.29 to €49.41, supported by recent research that highlights improving truck market conditions in North America and Europe, a higher assumed future P/E multiple, and a slightly lower discount rate. Analyst Commentary Recent research on Daimler Truck Holding has become more constructive, with several bullish analysts lifting ratings and price targets as they reassess the company’s earnings power and valuation against improving truck markets in North America and Europe.
HOT
€432.00
HOCHTIEF
7D
-6.9%
1Y
127.0%
RHM
€1,086.80
Rheinmetall
7D
9.2%
1Y
-37.4%
Narrative Update • Jul 27

RHM: Space And Defense Alliances Will Support Future Earnings Resilience

The analyst fair value estimate for Rheinmetall has been adjusted from €1,300 to €1,150. This change reflects a series of recent Street price target reductions, even as analysts highlight the recent share pullback and maintain broadly constructive ratings on the stock.
NDX1
€37.24
Nordex
7D
-10.4%
1Y
77.7%
DTE
€27.59
Deutsche Telekom
7D
3.4%
1Y
-13.0%
Narrative Update • Jul 27

DTE: Quantum Communication Projects Will Support Future Repricing Potential

Analysts have trimmed their fair value estimate for Deutsche Telekom slightly to €37.41 from €38.28, reflecting updated assumptions for discount rate, revenue growth, profit margins and future P/E multiples in light of mixed recent research signals, including Deutsche Bank's reduced €40 price target and Goldman Sachs removing the stock from its European Conviction List. Analyst Commentary Recent research on Deutsche Telekom points to a mixed but generally constructive stance, with most published views still framed within Buy ratings even as some targets and conviction levels are adjusted.
ALV
€432.40
Allianz
7D
2.3%
1Y
25.4%
SAP
€159.24
SAP
7D
16.7%
1Y
-35.9%
DB1
€266.20
Deutsche Börse
7D
5.4%
1Y
4.8%
RWE
€55.62
RWE
7D
-4.4%
1Y
52.8%
Narrative Update • Jul 23

RWE: Future Returns Will Reflect Offshore Wind And Fusion Optionality

RWE's updated analyst price target edges higher to about €65.89 from €64.60, as analysts factor in slightly different assumptions on revenue growth, profit margins and discount rates, alongside a series of recent price target increases across the Street. Analyst Commentary Recent research on RWE highlights a cluster of higher price targets and mixed views on risk, giving you a clearer sense of how the Street is thinking about the company’s valuation and execution priorities.
IFX
€57.77
Infineon Technologies
7D
-14.5%
1Y
62.8%
Narrative Update • Jul 21

IFX: Dresden Smart Power Fab Will Drive Future AI Power Upside

Infineon Technologies' analyst fair value estimate has moved from €80.0 to €114.0. This reflects analysts' updated assumptions for faster revenue growth and higher profit margins supported by a broad wave of price target increases across the Street, including recent revisions up to €100 that cite stronger semiconductor fundamentals, AI power demand, and available capacity. Analyst Commentary Recent commentary on Infineon Technologies points to a cluster of higher valuation marks across the semiconductor coverage universe, with several bullish analysts updating their models around demand for AI power, industrial and data center markets, and the company’s available capacity.
UN0
€41.35
Uniper
7D
-4.3%
1Y
12.4%
ENR
€137.90
Siemens Energy
7D
-12.8%
1Y
40.9%
EOAN
€18.99
E.ON
7D
-1.4%
1Y
21.1%
Narrative Update • Jul 15

EOAN: Rebased Fair Value And Confirmed Dividend Will Shape Returns Outlook

Analysts have raised the fair value estimate for E.ON stock from about €19.79 to roughly €20.26. This adjustment reflects recent upward revisions to Street price targets, which are now around €19 to €22, as well as analysts’ expectations for supportive earnings trends in the utilities sector.
MUV2
€527.00
Münchener Rückversicherungs-Gesellschaft in München
7D
4.9%
1Y
-8.5%