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
Sat, 09 May 2026	€2.6t	€2.6t	€124.2b	17.3x	20.8x	1x
Mon, 06 Apr 2026	€2.5t	€2.6t	€125.2b	17.6x	20x	0.9x
Wed, 04 Mar 2026	€2.6t	€2.7t	€105.4b	17.6x	24.4x	1x
Fri, 30 Jan 2026	€2.6t	€2.7t	€106.1b	18x	24.7x	1x
Sun, 28 Dec 2025	€2.6t	€2.7t	€103.6b	18x	25.1x	1x
Tue, 25 Nov 2025	€2.5t	€2.7t	€104.6b	17.6x	23.7x	0.9x
Thu, 23 Oct 2025	€2.6t	€2.7t	€101.5b	18.2x	25.3x	1x
Sat, 20 Sep 2025	€2.5t	€2.7t	€101.9b	18.4x	24.8x	0.9x
Mon, 18 Aug 2025	€2.6t	€2.7t	€100.3b	19x	26.2x	1x
Wed, 16 Jul 2025	€2.6t	€2.7t	€104.4b	18.9x	24.7x	1x
Fri, 13 Jun 2025	€2.6t	€2.7t	€103.4b	19.2x	24.7x	0.9x
Sun, 11 May 2025	€2.6t	€2.7t	€106.8b	19.1x	24x	1x
Tue, 08 Apr 2025	€2.2t	€2.7t	€107.8b	16.9x	20.6x	0.8x
Thu, 06 Mar 2025	€2.6t	€2.7t	€126.2b	17x	20.3x	1x
Sat, 01 Feb 2025	€2.4t	€2.7t	€114.1b	16.7x	21.4x	0.9x
Mon, 30 Dec 2024	€2.3t	€2.7t	€114.3b	15.8x	19.9x	0.8x
Wed, 27 Nov 2024	€2.2t	€2.7t	€113.0b	15.8x	19.8x	0.8x
Fri, 25 Oct 2024	€2.3t	€2.7t	€119.7b	16.4x	19.1x	0.8x
Sun, 22 Sep 2024	€2.2t	€2.7t	€119.6b	17x	18.4x	0.8x
Tue, 20 Aug 2024	€2.2t	€2.7t	€118.4b	17.3x	18.4x	0.8x
Thu, 18 Jul 2024	€2.2t	€2.7t	€111.2b	17.9x	19.8x	0.8x
Sat, 15 Jun 2024	€2.2t	€2.7t	€110.8b	17.6x	19.6x	0.8x
Mon, 13 May 2024	€2.3t	€2.7t	€113.4b	17.7x	20.1x	0.8x
Wed, 10 Apr 2024	€2.3t	€2.8t	€119.5b	17.1x	19x	0.8x
Fri, 08 Mar 2024	€2.2t	€2.8t	€125.9b	15.8x	17.7x	0.8x
Sun, 04 Feb 2024	€2.2t	€2.9t	€147.8b	16.2x	14.6x	0.8x
Tue, 02 Jan 2024	€2.2t	€2.9t	€146.5b	16.8x	14.7x	0.8x
Thu, 30 Nov 2023	€2.1t	€2.9t	€147.8b	16.1x	14.3x	0.7x
Sat, 28 Oct 2023	€2.0t	€3.0t	€134.6b	15.8x	14.5x	0.7x
Mon, 25 Sep 2023	€2.1t	€3.0t	€131.2b	16x	16x	0.7x
Wed, 23 Aug 2023	€2.1t	€3.0t	€131.8b	16.3x	16.2x	0.7x
Fri, 21 Jul 2023	€2.2t	€3.0t	€138.6b	16.9x	15.8x	0.7x
Sun, 18 Jun 2023	€2.2t	€3.0t	€140.3b	17.3x	15.8x	0.7x
Tue, 16 May 2023	€2.2t	€3.0t	€140.9b	17.2x	15.5x	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 20.2x.

Past Earnings Growth

The earnings for companies in the German industry have declined 4.1% per year over the last three years.
Revenues have also declined 4.0% 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	-0.016%
Tech	3.45%
Consumer Discretionary	2.23%
Consumer Staples	2.23%
Industrials	0.94%
Real Estate	-0.57%
Telecom	-0.62%
Healthcare	-0.79%
Energy	-1.28%
Materials	-2.55%
Financials	-2.99%
Utilities	-3.54%

Sector PE

Investors favour the Materials sector the most for future growth, which is trading above its 3-year average PE ratio of 58.0x.

The market's confidence is likely because analysts are expecting annual earnings growth of 32.9%, which is higher than its past year's earnings growth of 4.2% per year.

Forecasted Growth

Analysts are most optimistic on the Energy sector, expecting annual earnings growth of 47% over the next 5 years.
This is better than its past earnings decline of 11% 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?

Company	Last Price	7D	1Y	Valuation	Sector
SIE Siemens	€264.95	4.9% +€9.6b	23.8%	PE25.7x	Industrials
HOT HOCHTIEF	€549.00	20.1% +€6.9b	250.1%	PE45.8x	Industrials
IFX Infineon Technologies	€61.62	7.9% +€5.9b	95.9%	PE74.8x	Tech
BMW Bayerische Motoren Werke	€81.82	5.0% +€2.4b	2.7%	PE7.3x	Consumer Discretionary
SAP SAP	€146.82	0.9% +€1.5b	-43.9%	PE23.4x	Tech

Company

Last Price

Valuation

Sector

SIE Siemens

€264.95

4.9%
+€9.6b

23.8%

PE25.7x

Industrials

HOT HOCHTIEF

€549.00

20.1%
+€6.9b

250.1%

PE45.8x

Industrials

IFX Infineon Technologies

€61.62

7.9%
+€5.9b

95.9%

PE74.8x

Tech

BMW Bayerische Motoren Werke

€81.82

5.0%
+€2.4b

2.7%

PE7.3x

Consumer Discretionary

SAP SAP

€146.82

0.9%
+€1.5b

-43.9%

PE23.4x

Tech

DHL Announces Rebrand Higher Dividend and Share Buybacks as Profit and Wage Growth Continue

Deutsche Post is rebranding the group to DHL, aligning its identity with its global logistics focus while keeping employee conditions unchanged. The company reported Q1 2026 operating profit growth of 8.3%, supported mainly by its Express and Supply Chain divisions, and reaffirmed its full-year operating profit guidance of $7.25b. DHL Express workers in the US approved a new 4-year Teamsters contract that includes a 20% wage increase and protections around the use of AI and autonomous vehicles. For you as an investor, the rebrand to DHL and the outlined Strategy 2030 indicate a clearer emphasis on international logistics, parcel and supply chain services as traditional letter volumes fall. Management is planning a carve-out of Post & Parcel Germany, more regional investment, and greater use of AI and robotics, while also confirming an outlook that targets EBIT above €6.2b by 2026 and “strong” free cash flow. Alongside this, the company has proposed raising the dividend to €1.90 per share and has set up share buybacks of €1.4b, which reflects an ongoing focus on returning cash to shareholders. The new US Teamsters contract locks in higher labor costs and explicit limits on certain uses of AI and autonomous technology, which could affect cost flexibility in Express over time. At the same time, Q1 figures show Express EBIT up 20.6% despite a 1.9% revenue decline to €6b, helped by tighter capacity and cost measures. Investors may want to monitor how fuel supply risks, wage inflation and technology deployment influence DHL’s margin profile and capital return plans over the next few reporting periods.

German (DAX) Market Analysis & Valuation

Market Valuation and Performance

Sector Trends

Top Stock Gainers and Losers

Market Insights

Robot + AI: is it happening sooner than we thought?

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