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

German (DAX) Market Analysis & Valuation

UpdatedAug 19, 2026
DataAggregated Company Financials
Companies775
  • 7D-0.9%
  • 3M2.2%
  • 1Y2.2%
  • YTD2.3%

The market has been flat in the last week, however the Consumer Staples sector is down 3.6%. As for the longer term, the market has risen 3.3% in the past 12 months. As for the next few years, earnings are expected to grow by 15% per annum.

Trending IndustriesOil and GasBiotechSoftwareRenewable Energy

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 19 Aug 2026€2.7t€2.6t€131.2b16.9x20.4x1x
Fri, 17 Jul 2026€2.6t€2.6t€126.9b17.1x20.5x1x
Sun, 14 Jun 2026€2.6t€2.6t€127.0b16.9x20.5x1x
Tue, 12 May 2026€2.6t€2.6t€124.1b17.5x20.9x1x
Thu, 09 Apr 2026€2.6t€2.6t€125.5b17.7x20.6x1x
Sat, 07 Mar 2026€2.5t€2.7t€99.8b17.8x25.5x1x
Mon, 02 Feb 2026€2.6t€2.7t€105.5b17.8x25x1x
Wed, 31 Dec 2025€2.6t€2.7t€103.6b18.2x25.3x1x
Fri, 28 Nov 2025€2.5t€2.7t€104.4b17.7x24.3x0.9x
Sun, 26 Oct 2025€2.6t€2.7t€101.0b18.1x25.6x1x
Tue, 23 Sep 2025€2.5t€2.7t€101.8b18.4x24.7x0.9x
Thu, 21 Aug 2025€2.6t€2.7t€100.3b19x26.2x1x
Sat, 19 Jul 2025€2.6t€2.7t€104.3b18.4x24.8x1x
Mon, 16 Jun 2025€2.5t€2.7t€103.5b19.1x24.5x0.9x
Wed, 14 May 2025€2.6t€2.7t€107.3b19.3x24.1x1x
Fri, 11 Apr 2025€2.3t€2.7t€107.8b16.6x21.2x0.9x
Sun, 09 Mar 2025€2.6t€2.7t€124.9b17.2x20.5x0.9x
Tue, 04 Feb 2025€2.4t€2.7t€113.5b16.8x21.5x0.9x
Thu, 02 Jan 2025€2.3t€2.7t€114.5b15.9x19.8x0.8x
Sat, 30 Nov 2024€2.3t€2.7t€114.4b15.7x19.7x0.8x
Mon, 28 Oct 2024€2.3t€2.7t€118.0b16.4x19.5x0.9x
Wed, 25 Sep 2024€2.2t€2.7t€119.8b16.6x18.7x0.8x
Fri, 23 Aug 2024€2.2t€2.7t€118.4b16.3x18.5x0.8x
Sun, 21 Jul 2024€2.2t€2.7t€111.0b17.7x19.6x0.8x
Tue, 18 Jun 2024€2.2t€2.7t€110.8b17.2x19.7x0.8x
Thu, 16 May 2024€2.3t€2.7t€113.0b17.8x20.3x0.8x
Sat, 13 Apr 2024€2.2t€2.8t€119.7b17.2x18.8x0.8x
Mon, 11 Mar 2024€2.2t€2.8t€125.8b15.6x17.7x0.8x
Wed, 07 Feb 2024€2.2t€2.9t€149.8b15.9x14.4x0.8x
Fri, 05 Jan 2024€2.1t€2.9t€146.5b16.2x14.6x0.7x
Sun, 03 Dec 2023€2.1t€2.9t€147.4b16.1x14.5x0.7x
Tue, 31 Oct 2023€1.9t€3.0t€134.4b15.6x14.5x0.7x
Thu, 28 Sep 2023€2.0t€3.0t€131.1b15.8x15.6x0.7x
Sat, 26 Aug 2023€2.1t€3.0t€131.6b16.2x16.1x0.7x
Price to Earnings Ratio

16.1x


Total Market Cap: €2.1tTotal Earnings: €131.6bTotal 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 20.6x.
Past Earnings Growth
  • The earnings for German listed companies have remained mostly flat over the last three years.
  • Meanwhile revenues have declined 4.0% per year.
  • This means that the cost of doing business could be reducing since sales have declined yet profits have remained steady.

Sector Trends

Which sectors have driven the changes within the German Market?

DE Market-0.93%
Energy1.20%
Financials1.14%
Telecom0.57%
Industrials-0.78%
Materials-1.19%
Healthcare-1.36%
Tech-1.61%
Real Estate-2.58%
Consumer Staples-2.83%
Consumer Discretionary-2.90%
Utilities-2.94%
Sector PE
  • Investors favour the Energy sector the most for future growth which is trading above its 3-year average PE ratio.
    • Analysts are expecting annual earnings growth of 37.3%, which is lower than the prior year's growth of 135.5% 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 37% over the next 5 years.
  • However this is lower than its past earnings growth rate of 135% per year.
  • In contrast, the Real Estate 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€1.21k6.3%
+€3.3b		-22.6%PE46.8xIndustrials
ALV Allianz€442.001.4%
+€2.4b		18.1%PE14.3xFinancials
SAP SAP€182.501.0%
+€2.1b		-23.0%PE27xTech
HLAG Hapag-Lloyd€132.007.5%
+€1.6b		10.5%PE400xIndustrials
TLX Talanx€120.205.4%
+€1.6b		-1.5%PE11.9xFinancials
See more

Market Insights

Header cover image
Investing in a theme primarily based on demand could come unstuck. As the European heatwave has shown, adoption can be far more complicated than whether a product is needed, which is exactly the part investors tend to skip.
Continue reading
What Korea's market says about your index fund

Latest News

MRK
€136.75
Merck KGaA
7D
-2.3%
1Y
23.3%
Narrative Update • Aug 17

MRK: Rich Bio Techne Deal And New Guidance Will Shape Future Returns

Merck KGaA’s analyst fair value has been updated from €121.00 to €129.00 as analysts factor in a higher blended set of price targets, including recent upward moves on the Street, alongside more cautious views on the Bio-Techne acquisition economics and a slightly higher discount rate. Analyst Commentary Recent Street research on Merck KGaA points to a mixed picture, with some updates tied closely to the agreed acquisition of Bio-Techne and shifting views on valuation and risk.
TLX
€120.20
Talanx
7D
5.4%
1Y
-1.5%
HLAG
€132.00
Hapag-Lloyd
7D
7.5%
1Y
10.5%
Narrative Update • Aug 15

HLAG: Rising Profit Hopes Will Clash With Mounting Regulatory Setbacks

The analyst price target for Hapag-Lloyd has been revised higher in this update, with the fair value estimate moving from €99.60 to €102.30, supported by recent Street research that has lifted price targets into the €70 to €101 range while maintaining cautious ratings on the stock. Analyst Commentary Recent Street research on Hapag-Lloyd shows price targets moving within a relatively tight range, while ratings remain cautious.
ADS
€154.70
adidas
7D
-4.6%
1Y
-8.6%
Narrative Update • Aug 13

ADS: World Cup Brand Momentum And Direct To Consumer Focus Will Drive Re Rating

Analysts have trimmed their fair value estimate for adidas stock to about €203 from roughly €208. This reflects slightly lower assumptions for revenue growth, profit margins, and future P/E multiples, along with a modestly higher discount rate, while still citing resilient brand momentum and ongoing product and marketing investments as key supports.
EOAN
€17.56
E.ON
7D
-7.7%
1Y
11.9%
ENR
€154.28
Siemens Energy
7D
-2.7%
1Y
63.3%
SIE
€275.80
Siemens
7D
-1.6%
1Y
15.8%
SAP
€182.50
SAP
7D
1.0%
1Y
-23.0%
Narrative Update • Aug 12

SAP: Autonomous Enterprise AI Adoption Will Drive Future Multiple Repricing

The analyst price target for SAP has been reset slightly lower, with the updated fair value estimate moving from about €282 to roughly €267, as analysts factor in modestly softer revenue growth, a slightly lower profit margin outlook, and a reduced future P/E multiple, while still highlighting growing AI demand, resilient cloud backlogs, and the potential long term value of incumbent platforms. Analyst Commentary Recent Street research on SAP shows a mix of higher and lower price targets, but several bullish analysts continue to point to solid execution in cloud, rising interest in AI offerings, and the long term role of SAP as an incumbent platform provider.
ALV
€442.00
Allianz
7D
1.4%
1Y
18.1%
Narrative Update • Aug 11

ALV: Future Returns Will Hinge On Record Profits Buybacks And Asia Expansion

Allianz's updated analyst price target implies a fair value shift from about €413.90 to roughly €425.30, with analysts pointing to refreshed Street targets in the €411.70 to €450 range and modest adjustments to growth, discount rate and P/E assumptions to support the change. Analyst Commentary Recent research on Allianz points to a mixed but generally constructive stance on the stock, with several firms revisiting their valuation frameworks and updating price targets.
RHM
€1,213.80
Rheinmetall
7D
6.3%
1Y
-22.6%
Narrative Update • Aug 11

RHM: Defense Alliances And Mixed Orders Will Shape Future Earnings Resilience

The analyst price target for Rheinmetall has been reduced from about €1,150 to about €1,050, as analysts factor in updated assumptions for growth, profitability and valuation following a broad reset of Street targets. Analyst Commentary Recent Street research on Rheinmetall points to a more cautious tone, even though headline ratings remain mixed.
MUV2
€523.60
Münchener Rückversicherungs-Gesellschaft in München
7D
1.7%
1Y
-5.9%
IFX
€57.24
Infineon Technologies
7D
-8.9%
1Y
54.7%
DTE
€28.86
Deutsche Telekom
7D
1.1%
1Y
-7.6%
BMW
€57.96
Bayerische Motoren Werke
7D
-3.6%
1Y
-36.6%
MBG
€45.07
Mercedes-Benz Group
7D
-3.7%
1Y
-16.8%
DB1
€279.20
Deutsche Börse
7D
1.9%
1Y
9.5%