Narrative Update • May 31
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German (DAX) Market Analysis & Valuation
UpdatedJun 01, 2026
DataAggregated Company Financials
Companies770
- 7D-0.8%
- 3M3.4%
- 1Y2.3%
- YTD1.3%
The market has been flat in the last week, however the Financials sector is down 3.0%. Similarly, the market is flat for the past 12 months. As for the next few years, earnings are expected to grow by 17% per annum.
Market Valuation and Performance
Has the German Market valuation changed over the past few years?
| 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 |
Price to Earnings Ratio
15.6x
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 20.3x.
Past Earnings Growth
- The earnings for companies in the German industry have declined 3.2% 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 | -0.78% | |
| 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% | |
Sector PE
- 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.
Forecasted Growth
- Analysts are most optimistic on the Energy sector, expecting annual earnings growth of 44% over the next 5 years.
- However this is lower than its past earnings growth rate of 70% per year.
- In contrast, the Utilities sector is expected to see its earnings decline by 3.0% per year 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 | |
|---|---|---|---|---|---|---|
| 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 |
