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German (DAX) Market Analysis & Valuation

UpdatedJul 25, 2026
DataAggregated Company Financials
Companies774
  • 7D0.5%
  • 3M0.8%
  • 1Y-0.9%
  • YTD-0.8%

The Energy sector gained 4.4% while the market remained flat over the last week. In line with that, the market has also been flat over the past year. 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
Sat, 25 Jul 2026€2.6t€2.6t€127.9b17x20.3x1x
Mon, 22 Jun 2026€2.6t€2.6t€126.9b17x20.6x1x
Wed, 20 May 2026€2.6t€2.6t€126.8b16.7x20.4x1x
Fri, 17 Apr 2026€2.6t€2.6t€125.8b18.2x20.7x1x
Sun, 15 Mar 2026€2.5t€2.6t€100.0b17.9x25.3x1x
Tue, 10 Feb 2026€2.7t€2.7t€106.2b17.4x25.2x1x
Thu, 08 Jan 2026€2.7t€2.7t€103.6b18.2x25.9x1x
Sat, 06 Dec 2025€2.6t€2.7t€101.9b18.1x25.3x1x
Mon, 03 Nov 2025€2.5t€2.7t€97.7b18x26.1x0.9x
Wed, 01 Oct 2025€2.5t€2.7t€101.7b18.7x25x0.9x
Fri, 29 Aug 2025€2.6t€2.7t€101.1b18.9x25.8x1x
Sun, 27 Jul 2025€2.6t€2.7t€106.2b18.9x24.5x1x
Tue, 24 Jun 2025€2.5t€2.7t€103.6b18.6x24.1x0.9x
Thu, 22 May 2025€2.6t€2.7t€103.5b19x25.3x1x
Sat, 19 Apr 2025€2.4t€2.7t€107.8b17.6x22x0.9x
Mon, 17 Mar 2025€2.5t€2.7t€123.5b17.2x20.6x0.9x
Wed, 12 Feb 2025€2.5t€2.7t€113.3b16.7x21.8x0.9x
Fri, 10 Jan 2025€2.3t€2.7t€114.5b16.2x20.1x0.8x
Sun, 08 Dec 2024€2.3t€2.7t€114.2b15.8x20.4x0.9x
Tue, 05 Nov 2024€2.2t€2.7t€115.9b15.5x19.3x0.8x
Thu, 03 Oct 2024€2.3t€2.7t€119.8b16.4x19x0.8x
Sat, 31 Aug 2024€2.2t€2.7t€119.6b17x18.7x0.8x
Mon, 29 Jul 2024€2.2t€2.7t€109.6b17.7x20x0.8x
Wed, 26 Jun 2024€2.2t€2.7t€110.7b17.1x19.7x0.8x
Fri, 24 May 2024€2.3t€2.7t€110.9b17.5x20.3x0.8x
Sun, 21 Apr 2024€2.2t€2.8t€119.5b17.2x18.5x0.8x
Tue, 19 Mar 2024€2.2t€2.8t€122.2b16.3x18.3x0.8x
Thu, 15 Feb 2024€2.1t€2.9t€152.2b16.2x14.1x0.8x
Sat, 13 Jan 2024€2.1t€2.9t€146.5b16.7x14.6x0.7x
Mon, 11 Dec 2023€2.2t€2.9t€147.6b16.1x14.6x0.8x
Wed, 08 Nov 2023€2.0t€2.9t€161.2b15.6x12.5x0.7x
Fri, 06 Oct 2023€2.0t€3.0t€131.3b15.7x15.5x0.7x
Sun, 03 Sep 2023€2.1t€3.0t€130.4b16.1x16.4x0.7x
Tue, 01 Aug 2023€2.2t€3.0t€136.8b17x16.3x0.7x
Price to Earnings Ratio

16.3x


Total Market Cap: €2.2tTotal Earnings: €136.8bTotal Revenue: €3.0tTotal Market Cap vs Earnings and Revenue0%0%0%
German Market Price to Earnings3Y Average 20.5x202420252026
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 2.2% 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 Market0.48%
Energy4.38%
Industrials2.42%
Utilities2.05%
Tech1.36%
Financials0.30%
Materials-0.28%
Healthcare-0.74%
Consumer Staples-0.96%
Real Estate-1.64%
Telecom-1.98%
Consumer Discretionary-2.32%
Sector PE
  • Investors favour the Materials sector the most for future growth, which is trading above its 3-year average PE ratio of 61.9x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 20.7%, 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 41% 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
SIE Siemens€272.252.9%
+€5.9b		19.8%PE27.4xIndustrials
ENR Siemens Energy€151.342.5%
+€3.1b		56.2%PE58.2xIndustrials
DTG Daimler Truck Holding€45.998.2%
+€2.7b		3.6%PE29.7xIndustrials
RHM Rheinmetall€1.04k5.4%
+€2.5b		-40.2%PE46xIndustrials
8TRA Traton€39.6011.5%
+€2.0b		25.2%PE11.2xIndustrials
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

8TRA
€39.60
Traton
7D
11.5%
1Y
25.2%
BAYN
€46.06
Bayer
7D
-5.0%
1Y
57.7%
RWE
€58.80
RWE
7D
5.0%
1Y
62.4%
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.
SIE
€272.25
Siemens
7D
2.9%
1Y
19.8%
MBG
€44.78
Mercedes-Benz Group
7D
-1.6%
1Y
-19.3%
ALV
€427.10
Allianz
7D
1.0%
1Y
25.1%
MRK
€139.15
Merck KGaA
7D
2.1%
1Y
23.6%
Narrative Update • Jul 20

MRK: Rich Bio Techne Deal And Downgrades Will Restrain Future Returns

Merck KGaA's fair value estimate has been adjusted from €112.00 to €121.00 as analysts factor in updated assumptions on revenue growth, profit margins and discount rates, alongside mixed reactions to the planned Bio Techne acquisition and its potential to support returns only under more optimistic scenarios. Analyst Commentary Recent research on Merck KGaA highlights a shift toward more cautious views, especially around the planned acquisition of Bio Techne and how it could affect valuation, execution risk, and the company’s long term growth profile.
BMW
€56.96
Bayerische Motoren Werke
7D
-2.7%
1Y
-36.0%
ENR
€151.34
Siemens Energy
7D
2.5%
1Y
56.2%
ADS
€173.60
adidas
7D
-4.1%
1Y
-12.7%
Narrative Update • Jul 16

ADS: World Cup Exposure And Direct To Consumer Execution Should Drive Re Rating

Analysts have raised the fair value estimate for adidas stock from €199.71 to €207.59, citing higher price targets that reflect confidence in World Cup related momentum, product trends, and broad based revenue growth potential. Analyst Commentary Recent research on adidas highlights a mix of optimism around the company’s current momentum and some caution around execution and near term profit impact, which helps explain the higher fair value estimate.
HEI
€168.30
Heidelberg Materials
7D
-3.2%
1Y
-15.1%
Narrative Update • Jul 16

HEI: Labor Disputes And Lower P/E Expectations Will Likely Restrain Returns

Analysts have trimmed their price target for Heidelberg Materials from €156.11 to €144.39, reflecting updated assumptions around the discount rate, revenue growth, profit margin and future P/E expectations. What’s in the News for Heidelberg Materials Heidelberg Materials is facing an unfair labor practice strike at its Pittsburgh Concrete Plant, where 11 ready mix drivers represented by Local 249 are on the picket line after rejecting two contract offers that they say do not adequately address first year pay, health care, and pensions.
HOT
€447.40
HOCHTIEF
7D
-1.8%
1Y
132.9%
Narrative Update • Jul 15

HOT: Thiess Acquisition Will Drive Future Mining Services Upside For This Builder

Analysts have raised their price target for HOCHTIEF from €375 to €605, citing updated assumptions for fair value, discount rate, revenue growth, profit margin and future P/E, along with a more constructive stance in recent research. What's in the News HOCHTIEF's Australian subsidiary CIMIC Group Limited has completed the acquisition of all outstanding interests in Thiess Group Holdings Pty Ltd for A$1.18b, restoring full ownership of Thiess to CIMIC and HOCHTIEF.
DTG
€45.99
Daimler Truck Holding
7D
8.2%
1Y
3.6%
Narrative Update • Jul 13

DTG: Future Upside Will Rely On North America Earnings Execution

Analysts have raised their fair value estimate for Daimler Truck Holding to €55 from €53, citing stronger assumed revenue growth, slightly higher profit margins, and a lower future P/E multiple in response to recent price target increases and rating upgrades across the Street. Analyst Commentary Recent research on Daimler Truck Holding points to a cluster of upbeat views, with several bullish analysts lifting price targets and highlighting what they see as attractive risk reward at current levels.
RHM
€1,037.60
Rheinmetall
7D
5.4%
1Y
-40.2%
Narrative Update • Jul 13

RHM: Defence Contract Pipeline And Order Backlog Will Support Future Returns

Rheinmetall's analyst fair value estimate has been trimmed from about €1,889 to €1,721. This reflects a broad reset in price targets as analysts adjust their models for slightly lower growth, profit assumptions and valuation multiples following recent target cuts across JPMorgan, Deutsche Bank, Barclays, Morgan Stanley, Oddo BHF, Citi and Berenberg.
MUV2
€509.00
Münchener Rückversicherungs-Gesellschaft in München
7D
-1.3%
1Y
-11.3%
DTE
€26.39
Deutsche Telekom
7D
-2.7%
1Y
-16.7%