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German (DAX) Market Analysis & Valuation

UpdatedSep 12, 2025
DataAggregated Company Financials
Companies742
  • 7D-0.4%
  • 3M-0.2%
  • 1Y16.1%
  • YTD10.8%

The market has been flat in the last week, however the Information Technology sector is down 4.3%. More promisingly, the market is up 16% over the past year. Looking forward, earnings are forecast to grow by 17% annually.

Trending IndustriesOil and GasBiotechSoftwareRenewable Energy

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 12 Sep 2025€2.5t€2.7t€101.7b18.2x24.9x0.9x
Sun, 10 Aug 2025€3.1t€2.7t€104.0b18.8x29.4x1.1x
Tue, 08 Jul 2025€2.6t€2.7t€103.9b19.1x24.8x1x
Thu, 05 Jun 2025€2.6t€2.7t€103.6b19.2x25.2x1x
Sat, 03 May 2025€2.5t€2.7t€109.8b18.5x23.1x0.9x
Mon, 31 Mar 2025€2.5t€2.7t€108.4b17.6x23x0.9x
Wed, 26 Feb 2025€2.5t€2.7t€112.0b16.8x22.4x0.9x
Fri, 24 Jan 2025€2.4t€2.7t€114.2b16.9x21x0.9x
Sun, 22 Dec 2024€2.3t€2.7t€114.3b15.4x19.8x0.8x
Tue, 19 Nov 2024€2.2t€2.7t€112.2b15.8x19.9x0.8x
Thu, 17 Oct 2024€2.3t€2.7t€119.0b16.4x19.2x0.8x
Sat, 14 Sep 2024€2.2t€2.7t€119.6b16.2x18.4x0.8x
Mon, 12 Aug 2024€2.1t€2.7t€119.3b17.1x17.7x0.8x
Wed, 10 Jul 2024€2.2t€2.7t€111.3b18.1x19.6x0.8x
Fri, 07 Jun 2024€2.3t€2.7t€110.9b18.3x20.3x0.8x
Sun, 05 May 2024€2.2t€2.8t€120.2b17.3x18.5x0.8x
Tue, 02 Apr 2024€2.3t€2.8t€119.2b17.1x19.3x0.8x
Thu, 29 Feb 2024€2.2t€2.8t€152.9b15.9x14.4x0.8x
Sat, 27 Jan 2024€2.2t€2.9t€148.3b16.5x14.6x0.8x
Mon, 25 Dec 2023€2.2t€2.9t€147.2b16.3x14.6x0.8x
Wed, 22 Nov 2023€2.1t€2.9t€150.5b15.8x13.9x0.7x
Fri, 20 Oct 2023€2.0t€3.0t€131.5b15.9x15.3x0.7x
Sun, 17 Sep 2023€2.1t€3.0t€131.3b16.2x16.3x0.7x
Tue, 15 Aug 2023€2.2t€3.0t€134.8b16.6x16.1x0.7x
Thu, 13 Jul 2023€2.2t€3.0t€138.9b17x15.7x0.7x
Sat, 10 Jun 2023€2.2t€3.0t€140.2b17.2x15.6x0.7x
Mon, 08 May 2023€2.2t€3.0t€146.9b17.5x15x0.7x
Wed, 05 Apr 2023€2.2t€3.0t€149.3b16.2x14.8x0.7x
Fri, 03 Mar 2023€2.1t€2.9t€157.5b15.6x13.6x0.7x
Sun, 29 Jan 2023€2.1t€2.6t€173.1b16.2x12.2x0.8x
Tue, 27 Dec 2022€1.9t€2.6t€173.5b15.4x11x0.7x
Thu, 24 Nov 2022€2.0t€2.6t€171.6b15.3x11.6x0.8x
Sat, 22 Oct 2022€1.8t€2.5t€169.2b14.4x10.7x0.7x
Mon, 19 Sep 2022€1.7t€2.5t€162.5b15x10.7x0.7x
Price to Earnings Ratio

10.7x


Total Market Cap: €1.7tTotal Earnings: €162.5bTotal Revenue: €2.5tTotal Market Cap vs Earnings and Revenue0%0%0%
German Market Price to Earnings3Y Average 17.7x202320242025
Current Market PE
  • Investors are optimistic on the German market, and appear confident in strong long term growth rates.
  • The market is trading at a PE ratio of 24.9x which is higher than its 3-year average PE of 17.7x.
Past Earnings Growth
  • The earnings for German listed companies have declined 14% per year over the last three years.
  • Meanwhile revenues for these companies have grown 2.6% per year.
  • This means that although more sales are being generated, either the cost of doing business or the level of investment back into businesses has increased, which has decreased profits.

Sector Trends

Which sectors have driven the changes within the German Market?

DE Market-0.40%
Materials2.09%
Industrials2.03%
Utilities1.15%
Energy0.95%
Real Estate0.94%
Healthcare0.77%
Consumer Discretionary-0.17%
Financials-0.68%
Consumer Staples-1.72%
Telecom-4.17%
Tech-4.28%
Sector PE
  • Investors favour the Materials sector the most for future growth which is trading above its 3-year average PE ratio.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 30.7% which is higher than its past year's earnings decline of 1.7% per year.
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 70% per year.
  • In contrast, the Telecom sector is expected to see its earnings grow by 7.0% per year 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€1.88k9.0%
+€7.2b		260.4%PE102.1xIndustrials
ENR Siemens Energy€94.065.5%
+€3.9b		252.4%PE77.9xIndustrials
DBK Deutsche Bank€31.565.6%
+€3.2b		115.7%PE11.1xFinancials
SIE Siemens€228.551.1%
+€1.9b		39.3%PE22.5xIndustrials
HEI Heidelberg Materials€208.004.7%
+€1.6b		125.4%PE19.8xMaterials
See more

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DBK
€31.56
Deutsche Bank
7D
5.6%
1Y
115.7%

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HEI
€203.10
Heidelberg Materials
7D
2.4%
1Y
118.2%
ENR
€93.16
Siemens Energy
7D
6.4%
1Y
218.9%

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ALV
€354.50
Allianz
7D
0.9%
1Y
23.7%

Digital Transformation And Emerging Markets Will Drive Future Expansion

With both Allianz’s future P/E and discount rate effectively unchanged, analysts have made only a marginal upward revision to the fair value price target, now set at €363.11. What's in the News Allianz Life experienced a significant cyberattack in mid-July 2025, resulting in personal data theft affecting the majority of its customers, financial professionals, and some employees through a social engineering technique (TechCrunch).
MBG
€51.69
Mercedes-Benz Group
7D
-2.3%
1Y
-8.9%

New EV Models And Digital Platforms Will Drive Electrification

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RHM
€1,896.50
Rheinmetall
7D
8.7%
1Y
264.0%

Rising NATO And European Budgets Will Drive Production Integration

Analysts maintain an Overweight view on Rheinmetall amid strong expectations for organic sales growth, upward EPS revisions, and robust defense-sector momentum, resulting in an unchanged consensus price target of €2102. Analyst Commentary Raised expectations for sustained strong organic sales growth, with forecasts of 25% average annual growth from 2025 to 2030.
MRK
€106.75
Merck KGaA
7D
-2.6%
1Y
-36.5%

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Merck KGaA's consensus price target remains unchanged at €147.53 as analysts adopt a more neutral stance following disappointing Q2 results, lowered guidance, and reduced near-term growth visibility. Analyst Commentary Disappointing Q2 report and weaker-than-expected operational performance.
NEM
€106.30
Nemetschek
7D
-7.5%
1Y
19.0%

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SAP
€220.90
SAP
7D
-3.2%
1Y
10.1%
DB1
€239.70
Deutsche Börse
7D
-2.5%
1Y
14.8%

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SIE
€228.55
Siemens
7D
1.1%
1Y
39.3%

Smart Infrastructure And Electrification Will Unlock Market Potential

Analysts have raised their price targets for Siemens to €242.02, citing confidence in sustained earnings outperformance, operational efficiency, and digitalization as growth drivers, though some remain cautious on valuation despite improved fundamentals. Analyst Commentary Bullish analysts expect Siemens to deliver sustainable earnings outperformance, justifying a premium valuation compared to peers.
HOT
€233.20
HOCHTIEF
7D
7.1%
1Y
116.7%

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EOAN
€15.53
E.ON
7D
2.3%
1Y
14.7%

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BMW
€83.82
Bayerische Motoren Werke
7D
-5.2%
1Y
14.3%

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BEI
€94.40
Beiersdorf
7D
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1Y
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DTE
€30.01
Deutsche Telekom
7D
-5.2%
1Y
11.9%