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German (DAX) Market Analysis & Valuation

UpdatedJun 09, 2026
DataAggregated Company Financials
Companies774
  • 7D-1.8%
  • 3M1.4%
  • 1Y-0.5%
  • YTD-0.8%

Over the last 7 days, the market has dropped 1.8%, driven by a decline of 4.4% in the Information Technology sector. Overall the market has been flat in the last year. As for the next few years, earnings are expected to grow by 17% 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
Tue, 09 Jun 2026€2.6t€2.6t€127.1b17x20.5x1x
Thu, 07 May 2026€2.6t€2.6t€124.4b17.6x21.2x1x
Sat, 04 Apr 2026€2.5t€2.6t€125.2b17.5x20x0.9x
Mon, 02 Mar 2026€2.7t€2.7t€105.0b18.1x25.8x1x
Wed, 28 Jan 2026€2.7t€2.7t€104.1b18.2x25.6x1x
Fri, 26 Dec 2025€2.6t€2.7t€103.6b17.9x25.1x1x
Sun, 23 Nov 2025€2.5t€2.7t€104.7b17.5x23.5x0.9x
Tue, 21 Oct 2025€2.6t€2.7t€101.5b18.2x25.4x1x
Thu, 18 Sep 2025€2.5t€2.7t€101.9b18.6x24.6x0.9x
Sat, 16 Aug 2025€2.6t€2.7t€101.6b19x25.9x1x
Mon, 14 Jul 2025€2.6t€2.7t€103.8b19x25x1x
Wed, 11 Jun 2025€2.6t€2.7t€103.6b19x25x1x
Fri, 09 May 2025€2.5t€2.7t€107.7b18.8x23.7x0.9x
Sun, 06 Apr 2025€2.3t€2.7t€107.9b17.3x21.3x0.9x
Tue, 04 Mar 2025€2.6t€2.7t€125.5b16.6x20.5x0.9x
Thu, 30 Jan 2025€2.4t€2.7t€114.6b16.6x21.2x0.9x
Sat, 28 Dec 2024€2.3t€2.7t€114.3b15.7x19.9x0.8x
Mon, 25 Nov 2024€2.2t€2.7t€112.8b15.8x19.9x0.8x
Wed, 23 Oct 2024€2.3t€2.7t€119.2b16.2x19.2x0.8x
Fri, 20 Sep 2024€2.2t€2.7t€119.7b17x18.7x0.8x
Sun, 18 Aug 2024€2.2t€2.7t€118.2b17.3x18.4x0.8x
Tue, 16 Jul 2024€2.2t€2.7t€111.2b18x19.9x0.8x
Thu, 13 Jun 2024€2.2t€2.7t€110.8b17.6x20.1x0.8x
Sat, 11 May 2024€2.3t€2.7t€113.3b17.7x20.1x0.8x
Mon, 08 Apr 2024€2.3t€2.8t€119.5b17.2x19.1x0.8x
Wed, 06 Mar 2024€2.2t€2.8t€126.2b15.9x17.5x0.8x
Fri, 02 Feb 2024€2.2t€2.9t€147.7b16.2x14.6x0.8x
Sun, 31 Dec 2023€2.2t€2.9t€146.5b16.8x14.7x0.8x
Tue, 28 Nov 2023€2.1t€2.9t€147.8b16.2x14.2x0.7x
Thu, 26 Oct 2023€2.0t€3.0t€131.8b15.4x15x0.7x
Sat, 23 Sep 2023€2.1t€3.0t€131.2b16x16x0.7x
Mon, 21 Aug 2023€2.1t€3.0t€131.8b16.5x16.1x0.7x
Wed, 19 Jul 2023€2.2t€3.0t€138.8b16.9x15.8x0.7x
Fri, 16 Jun 2023€2.2t€3.0t€140.2b17.3x15.7x0.7x
Price to Earnings Ratio

15.7x


Total Market Cap: €2.2tTotal Earnings: €140.2bTotal Revenue: €3.0tTotal Market Cap vs Earnings and Revenue0%0%0%
German Market Price to Earnings3Y Average 20.3x202420252026
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 4.5% 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-1.76%
Healthcare2.12%
Consumer Staples0.38%
Utilities-0.0033%
Financials-0.83%
Industrials-1.00%
Consumer Discretionary-2.59%
Telecom-3.41%
Materials-4.14%
Energy-4.34%
Tech-4.37%
Real Estate-5.20%
Sector PE
  • Investors favour the Materials sector the most for future growth, which is trading above its 3-year average PE ratio of 59.6x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 32.4%, 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 43% 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
MRK Merck KGaA€137.455.0%
+€2.9b		18.6%PE23.6xHealthcare
HOT HOCHTIEF€494.203.0%
+€1.1b		201.2%PE46.2xIndustrials
FRE Fresenius SE KGaA€36.924.1%
+€828.0m		-16.0%PE13.7xHealthcare
RWE RWE€56.101.6%
+€608.0m		67.2%PE16.8xUtilities
BAYN Bayer€35.691.6%
+€550.2m		34.8%PS0.8xHealthcare
See more

Market Insights

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Latest News

MBG
€48.36
Mercedes-Benz Group
7D
-6.0%
1Y
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BMW
€69.74
Bayerische Motoren Werke
7D
-5.4%
1Y
-9.5%
MRK
€137.45
Merck KGaA
7D
5.0%
1Y
18.6%
Narrative Update • Jun 06

MRK: Life Science Tools Recovery And Lower AI Risk Will Support Upside

Merck KGaA's updated analyst price target now centers around €160, up from €135, with analysts pointing to cautious optimism around life science tools, a more balanced risk and return profile, and sector wide reassessments of recovery potential and valuation. Analyst Commentary Recent research points to a mixed but generally firming stance on Merck KGaA.
BAYN
€35.69
Bayer
7D
1.6%
1Y
34.8%
Narrative Update • Jun 06

BAYN: Litigation Resolution And Key Drug Approvals Will Drive Future Re Rating

Narrative Update on Bayer Analysts have lifted Bayer's blended price target to €40, with many highlighting higher published targets from firms such as DZ Bank, Deutsche Bank, Jefferies and UBS. They are still pointing to litigation outcomes and the asundexian data readout as key swing factors.
IFX
€78.24
Infineon Technologies
7D
-2.6%
1Y
114.9%
Narrative Update • Jun 06

IFX: AI Power And Security Opportunities Will Offset China And Margin Risks

Analysts have lifted the Infineon Technologies price target in this update from about €66.04 to about €72.13, reflecting a series of recent target increases from major banks that cite more constructive views on the company, even as one firm has turned more cautious. Analyst Commentary Recent research updates on Infineon Technologies show a mix of strong optimism on the stock alongside a more cautious stance from at least one broker.
MUV2
€448.90
Münchener Rückversicherungs-Gesellschaft in München
7D
0.9%
1Y
-22.0%
Narrative Update • Jun 06

MUV2: Future Returns Will Reflect Rebased Earnings Power Despite Recent Rating Resets

For Münchener Rückversicherungs-Gesellschaft in München, the updated analyst price targets now cluster between about €480 and €590, reflecting reduced fair value estimates of around €551 as analysts balance softer revenue growth assumptions with slightly higher profit margin expectations and a modestly lower future P/E of about 11.26x. Analyst Commentary Recent Street research on Münchener Rückversicherungs-Gesellschaft in München highlights a tighter range of price targets, with revisions aligning around the €480 to €590 band as analysts reassess both valuation and execution risks.
FME
€37.96
Fresenius Medical Care
7D
4.3%
1Y
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SIE
€268.00
Siemens
7D
-1.7%
1Y
22.2%
Narrative Update • Jun 05

SIE: AI Data Center And Industrial AI Partnerships Will Shape 2026 Outlook

Narrative Update: Siemens Analyst Price Target Shift Analysts have nudged Siemens' fair value estimate higher, from about €282.91 to roughly €286.17, reflecting updated assumptions around revenue growth, profit margins and future P/E, alongside a series of recent price target increases in the €260 to €335 range and interest in its role within new AI data center architectures. Analyst Commentary Recent research points to a mix of enthusiasm and caution around Siemens, with several firms revising price targets and highlighting both growth angles and execution risks.
HEI
€172.75
Heidelberg Materials
7D
-7.1%
1Y
-4.3%
Narrative Update • Jun 05

HEI: Record Results And Buybacks Will Drive Margin Led Re Rating Potential

Narrative Update: Heidelberg Materials The analyst price target for Heidelberg Materials has been adjusted slightly, with a modest change framed around a mix of recent target increases and a downgrade, as analysts weigh updated expectations for revenue growth, profit margins, and future P/E assumptions. Analyst Commentary Recent research on Heidelberg Materials shows a split in views, with some analysts lifting targets or upgrading the stock and another trimming the target price.
EOAN
€18.17
E.ON
7D
0.9%
1Y
19.0%
Narrative Update • Jun 05

EOAN: Upgraded Ratings And Confirmed Dividend Will Shape Future Fair Value

E.ON's analyst price target has been revised slightly higher to €19.79 from €19.51, as analysts factor in updated revenue growth assumptions and recent upward target moves and rating upgrades across several research houses. Analyst Commentary Bullish Takeaways Bullish analysts have raised price targets into a €19 to €22 range, which signals a view that the current valuation still leaves room for execution on the existing business plan to create value.
ENR
€157.64
Siemens Energy
7D
-1.5%
1Y
83.0%
RWE
€56.10
RWE
7D
1.6%
1Y
67.2%
Narrative Update • Jun 03

RWE: Future Returns Will Reflect Global Wind And Battery Project Execution

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SAP
€158.10
SAP
7D
-5.8%
1Y
-40.9%
Narrative Update • Jun 03

SAP: Autonomous AI Execution In Core ERP Will Unlock Future Upside

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HOT
€494.20
HOCHTIEF
7D
3.0%
1Y
201.2%
Narrative Update • Jun 03

HOT: Dividend Visibility And Data Center Demand Will Shape Future Share Returns

Analysts have raised their price target on HOCHTIEF from about €367.77 to about €441.27, citing refreshed views in recent research that reflect a more positive stance on the stock. What's in the News HOCHTIEF Aktiengesellschaft announced an annual dividend of €6.60 per share.
FRE
€36.92
Fresenius SE KGaA
7D
4.1%
1Y
-16.0%
Narrative Update • Jun 02

FRE: Digital Healthcare Push And Dividend Stream Will Support Future Upside

The analyst price target for Fresenius SE KGaA has been adjusted slightly lower to about €54.79 from roughly €55.22, with analysts citing updated fair value estimates and modest changes to discount rate and growth assumptions following recent target revisions at Citi, Morgan Stanley and JPMorgan. Analyst Commentary Bullish Takeaways Bullish analysts see room for upside in Fresenius SE KGaA, with one major bank setting a target at €56.60, which sits above the current average of about €54.79.
DTE
€27.63
Deutsche Telekom
7D
-4.1%
1Y
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