German (DAX) Market Analysis & Valuation

Market Valuation and Performance

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

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Thu, 27 Aug 2026	€2.7t	€2.6t	€131.3b	16.6x	20.6x	1x
Sat, 25 Jul 2026	€2.6t	€2.6t	€127.9b	17x	20.3x	1x
Mon, 22 Jun 2026	€2.6t	€2.6t	€126.9b	17x	20.6x	1x
Wed, 20 May 2026	€2.6t	€2.6t	€126.8b	16.7x	20.4x	1x
Fri, 17 Apr 2026	€2.6t	€2.6t	€125.8b	18.2x	20.7x	1x
Sun, 15 Mar 2026	€2.5t	€2.6t	€100.0b	17.9x	25.3x	1x
Tue, 10 Feb 2026	€2.7t	€2.7t	€106.2b	17.4x	25.2x	1x
Thu, 08 Jan 2026	€2.7t	€2.7t	€103.6b	18.2x	25.9x	1x
Sat, 06 Dec 2025	€2.6t	€2.7t	€101.9b	18.1x	25.3x	1x
Mon, 03 Nov 2025	€2.5t	€2.7t	€97.7b	18x	26.1x	0.9x
Wed, 01 Oct 2025	€2.5t	€2.7t	€101.7b	18.7x	25x	0.9x
Fri, 29 Aug 2025	€2.6t	€2.7t	€101.1b	18.9x	25.8x	1x
Sun, 27 Jul 2025	€2.6t	€2.7t	€106.2b	18.9x	24.5x	1x
Tue, 24 Jun 2025	€2.5t	€2.7t	€103.6b	18.6x	24.1x	0.9x
Thu, 22 May 2025	€2.6t	€2.7t	€103.5b	19x	25.3x	1x
Sat, 19 Apr 2025	€2.4t	€2.7t	€107.8b	17.6x	22x	0.9x
Mon, 17 Mar 2025	€2.5t	€2.7t	€123.5b	17.2x	20.6x	0.9x
Wed, 12 Feb 2025	€2.5t	€2.7t	€113.3b	16.7x	21.8x	0.9x
Fri, 10 Jan 2025	€2.3t	€2.7t	€114.5b	16.2x	20.1x	0.8x
Sun, 08 Dec 2024	€2.3t	€2.7t	€114.2b	15.8x	20.4x	0.9x
Tue, 05 Nov 2024	€2.2t	€2.7t	€115.9b	15.5x	19.3x	0.8x
Thu, 03 Oct 2024	€2.3t	€2.7t	€119.8b	16.4x	19x	0.8x
Sat, 31 Aug 2024	€2.2t	€2.7t	€119.6b	17x	18.7x	0.8x
Mon, 29 Jul 2024	€2.2t	€2.7t	€109.6b	17.7x	20x	0.8x
Wed, 26 Jun 2024	€2.2t	€2.7t	€110.7b	17.1x	19.7x	0.8x
Fri, 24 May 2024	€2.3t	€2.7t	€110.9b	17.5x	20.3x	0.8x
Sun, 21 Apr 2024	€2.2t	€2.8t	€119.5b	17.2x	18.5x	0.8x
Tue, 19 Mar 2024	€2.2t	€2.8t	€122.2b	16.3x	18.3x	0.8x
Thu, 15 Feb 2024	€2.1t	€2.9t	€152.2b	16.2x	14.1x	0.8x
Sat, 13 Jan 2024	€2.1t	€2.9t	€146.5b	16.7x	14.6x	0.7x
Mon, 11 Dec 2023	€2.2t	€2.9t	€147.6b	16.1x	14.6x	0.8x
Wed, 08 Nov 2023	€2.0t	€2.9t	€161.2b	15.6x	12.5x	0.7x
Fri, 06 Oct 2023	€2.0t	€3.0t	€131.3b	15.7x	15.5x	0.7x
Sun, 03 Sep 2023	€2.1t	€3.0t	€130.4b	16.1x	16.4x	0.7x

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 20.7x.

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	0.84%
Financials	3.29%
Materials	3.18%
Consumer Staples	2.05%
Utilities	1.94%
Industrials	1.21%
Real Estate	0.049%
Healthcare	-0.21%
Telecom	-0.27%
Energy	-0.66%
Consumer Discretionary	-1.19%
Tech	-1.94%

Sector PE

Investors favour the Healthcare sector the most for future growth even though it's trading below its 3-year average PE ratio of 48.2x.

The market's confidence is likely because analysts are expecting annual earnings growth of 19.6%, which is higher than its past year's earnings growth of 17.1% 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 35% over the next 5 years.
However this is lower than its past earnings growth rate of 155% 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?

Company	Last Price	7D	1Y	Valuation	Sector
SIE Siemens	€288.10	4.1% +€8.8b	23.6%	PE28.1x	Industrials
ALV Allianz	€451.70	3.1% +€5.0b	24.1%	PE14.6x	Financials
DBK Deutsche Bank	€34.63	6.2% +€3.7b	14.1%	PE10.6x	Financials
CBK Commerzbank	€40.93	6.0% +€2.5b	25.4%	PB1.3x	Financials
HEI Heidelberg Materials	€170.70	8.2% +€2.3b	-15.8%	PE14.7x	Materials

Bayer Group Receives Approval For Sevabertinib In Japan For HER2-Mutant Non-Small Cell Lung Cancer

Bayer Group posted that the Ministry of Health, Labour, and Welfare (MHLW) in Japan has granted approval for Hyrnuo (sevabertinib) for the treatment of patients with HER2 (ERBB2) mutation-positive unresectable advanced or recurrent non-small cell lung cancer (NSCLC). In Japan, Hyrnuo is the first approved targeted therapy for this indication that can be used regardless of line of therapy, including as a first-line treatment. Sevabertinib is an oral, reversible, small molecule, tyrosine kinase inhibitor (TKI). The MHLW approval is supported by data from the global Phase I/II SOHO-01 trial (NCT05099172). In patients with unresectable advanced or recurrent HER2-mutant NSCLC who had not received prior systemic therapy following diagnosis of advanced or recurrent disease, the primary endpoint of objective response rate (ORR) was 75.3% (95% CI: 63.9-84.7; N=73). Median duration of response (DOR) was 12.2 months (95% CI: 8.8-not estimable; N=73), and median progression-free survival (PFS) was 13.5 months (95% CI: 10.0-not estimable; N=73). The study also demonstrated a manageable safety profile, with the most frequently observed adverse events being diarrhea, rash, and paronychia. Adverse events leading to treatment discontinuation occurred in 3% of patients. In November 2025, sevabertinib, under the brand name Hyrnuo, received U.S. Food and Drug Administration (FDA) accelerated approval for patients with previously treated advanced HER2-mutant NSCLC. Earlier this year, sevabertinib was also approved by the National Medical Products Administration (NMPA) in China as monotherapy in adult patients with unresectable, locally advanced or metastatic NSCLC whose tumors have HER2 activating mutations, and who have received one prior systemic therapy. These approvals follow on from the U.S. FDA and the Center for Drug Evaluation (CDE) in China granting sevabertinib Breakthrough Therapy Designation for both first- and second-line use in patients with advanced HER2-mutant NSCLC, highlighting its potential to provide substantial improvement over existing therapies. In May this year, the FDA granted sevabertinib Priority Review as a first-line treatment in this patient population recognizing its potential to address a critical unmet need. Sevabertinib is a new, oral, reversible, small molecule, tyrosine kinase inhibitor (TKI) that potently inhibits mutant human HER2, including HER2 exon 20 insertions and HER2 point mutations. Sevabertinib works by blocking certain enzymes called tyrosine kinases, which are involved in the growth of cancer cells. Reversible TKIs can temporarily block their targets, allowing for more precise control over treatment and potentially reducing long-term side effects compared to irreversible TKIs. Sevabertinib is derived from Bayer's strategic research alliance with the Broad Institute of MIT and Harvard in Cambridge, MA, USA. As part of its clinical development program, alongside the SOHO-01 trial, sevabertinib is also being studied in the Phase III SOHO-02 trial (NCT 06452277) evaluating sevabertinib in treatment naive patients with HER2-mutant NSCLC and in the panSOHO study (NCT06760819) in patients with metastatic or unresectable solid tumors with HER2-activating mutations, excluding advanced NSCLC. Lung cancer is the leading cause of cancer-related deaths worldwide. NSCLC is the most common type of lung cancer, accounting for more than 85% of cases. Activating HER2 mutations are found in 2% to 4% of patients with advanced NSCLC. 80% of people diagnosed with NSCLC have already progressed to advanced stages, which makes it more difficult to treat. Patients with HER2-mutant NSCLC currently face limited treatment options, highlighting an urgent need for more effective therapies.

German (DAX) Market Analysis & Valuation

Market Valuation and Performance

Sector Trends

Top Stock Gainers and Losers

Market Insights

Which payment stocks actually get paid?

Latest News

ALV: Future Singapore Deal And Buybacks May Support Higher Re Rating

TKA: Margin Execution And Higher Earnings Multiple Will Drive Future Re Rating

ENR: Peaking Orders And Cash Flow Will Pressure Future Earnings Multiple

Bayer Group Receives Approval For Sevabertinib In Japan For HER2-Mutant Non-Small Cell Lung Cancer

Infineon Technologies AG (XTRA:IFX) agreed to acquire C2i Semiconductors Private Limited.

SAP Launches Agentic AI for S/4HANA Migration Targeting Faster Delivery and Cost Savings

Deutsche Bank Begins Rebuilding Energy Trading Unit After Years Away From Sector

FME: Flat 2026 Outlook And Rising Risk Premium Will Restrain Returns

FIE: Vertically Integrated Model Will Support Bullish View After New Buy Rating

Hapag-Lloyd Acquires 25% Stake in Rotterdam Maasvlakte II Terminal for Expansion

SHL: Future Returns Will Hinge On Diagnostics Margin Pressure Risk

Record Backlog And Defense Programs Will Shape A Steady But Uneven Future

HEI: Portfolio Review And Capital Returns Will Support Future Re Rating

Siemens Listed Among Global Firms Exposed in Major AI Software Supply Chain Incident

Deutsche Telekom Joins SphereNet as Validator Partner to Support AI Payment Network

Deutsche Börse AG Provides Earnings Guidance for Full Year 2026