Narrative Update • May 16
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German (DAX) Market Analysis & Valuation
UpdatedMay 17, 2026
DataAggregated Company Financials
Companies771
- 7D-0.9%
- 3M-3.9%
- 1Y-1.6%
- YTD-2.5%
Over the last 7 days, the market has remained flat, although notably the Industrials sector declined by 3.0%. Similarly, the market is flat for the past 12 months. Earnings are forecast to grow by 17% annually.
Market Valuation and Performance
Has the German Market valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Mon, 18 May 2026 | €2.6t | €2.6t | €126.9b | 17.2x | 20.2x | 1x |
| Wed, 15 Apr 2026 | €2.6t | €2.6t | €125.6b | 17.8x | 20.7x | 1x |
| Fri, 13 Mar 2026 | €2.5t | €2.7t | €100.7b | 17.4x | 25.2x | 1x |
| Sun, 08 Feb 2026 | €2.7t | €2.7t | €106.2b | 17.4x | 25x | 1x |
| Tue, 06 Jan 2026 | €2.7t | €2.7t | €103.5b | 18.1x | 25.6x | 1x |
| Thu, 04 Dec 2025 | €2.5t | €2.7t | €102.2b | 17.9x | 24.8x | 0.9x |
| Sat, 01 Nov 2025 | €2.5t | €2.7t | €98.0b | 17.9x | 26x | 0.9x |
| Mon, 29 Sep 2025 | €2.5t | €2.7t | €101.9b | 18.6x | 24.8x | 0.9x |
| Wed, 27 Aug 2025 | €2.6t | €2.7t | €100.3b | 19x | 25.6x | 1x |
| Fri, 25 Jul 2025 | €2.6t | €2.7t | €105.1b | 19x | 24.8x | 1x |
| Sun, 22 Jun 2025 | €2.5t | €2.7t | €103.6b | 18.6x | 24.1x | 0.9x |
| Tue, 20 May 2025 | €2.6t | €2.7t | €103.5b | 19.3x | 25.1x | 1x |
| Thu, 17 Apr 2025 | €2.4t | €2.7t | €107.9b | 17.6x | 22.1x | 0.9x |
| Sat, 15 Mar 2025 | €2.5t | €2.7t | €123.3b | 17.1x | 20.6x | 0.9x |
| Mon, 10 Feb 2025 | €2.4t | €2.7t | €113.3b | 16.7x | 21.5x | 0.9x |
| Wed, 08 Jan 2025 | €2.3t | €2.7t | €114.5b | 16.4x | 20.2x | 0.9x |
| Fri, 06 Dec 2024 | €2.3t | €2.7t | €114.1b | 15.9x | 20.4x | 0.9x |
| Sun, 03 Nov 2024 | €2.3t | €2.7t | €115.9b | 15.3x | 19.4x | 0.8x |
| Tue, 01 Oct 2024 | €2.3t | €2.7t | €119.8b | 16.6x | 19.1x | 0.8x |
| Thu, 29 Aug 2024 | €2.2t | €2.7t | €119.0b | 16.8x | 18.6x | 0.8x |
| Sat, 27 Jul 2024 | €2.2t | €2.7t | €110.3b | 17.7x | 19.9x | 0.8x |
| Mon, 24 Jun 2024 | €2.2t | €2.7t | €110.6b | 17.2x | 19.6x | 0.8x |
| Wed, 22 May 2024 | €2.3t | €2.7t | €110.1b | 17.5x | 20.5x | 0.8x |
| Fri, 19 Apr 2024 | €2.2t | €2.8t | €119.0b | 17.3x | 18.7x | 0.8x |
| Sun, 17 Mar 2024 | €2.2t | €2.8t | €120.3b | 16x | 18.6x | 0.8x |
| Tue, 13 Feb 2024 | €2.2t | €2.9t | €152.2b | 16.2x | 14.2x | 0.8x |
| Thu, 11 Jan 2024 | €2.1t | €2.9t | €146.5b | 16.2x | 14.7x | 0.8x |
| Sat, 09 Dec 2023 | €2.2t | €2.9t | €147.7b | 16.1x | 14.6x | 0.8x |
| Mon, 06 Nov 2023 | €2.0t | €2.9t | €160.8b | 15.8x | 12.6x | 0.7x |
| Wed, 04 Oct 2023 | €2.1t | €3.0t | €131.2b | 15.9x | 15.7x | 0.7x |
| Fri, 01 Sep 2023 | €2.2t | €3.0t | €130.3b | 16.5x | 16.6x | 0.7x |
| Sun, 30 Jul 2023 | €2.2t | €3.0t | €136.9b | 17x | 16.3x | 0.7x |
| Tue, 27 Jun 2023 | €2.1t | €3.0t | €140.4b | 17.2x | 15.3x | 0.7x |
| Thu, 25 May 2023 | €2.1t | €3.0t | €136.9b | 17.1x | 15.7x | 0.7x |
Price to Earnings Ratio
15.7x
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 2.5% per year over the last three years.
- Revenues have also declined 4.3% 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 | -0.93% | |
| Consumer Discretionary | 0.74% | |
| Energy | 0.50% | |
| Tech | 0.48% | |
| Healthcare | 0.21% | |
| Telecom | 0.18% | |
| Materials | -0.11% | |
| Financials | -0.49% | |
| Utilities | -0.81% | |
| Consumer Staples | -1.16% | |
| Real Estate | -2.01% | |
| Industrials | -3.05% | |
Sector PE
- Investors favour the Materials sector the most for future growth, which is trading above its 3-year average PE ratio of 58.5x.
- The market's confidence is likely because analysts are expecting annual earnings growth of 32.0%, 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 45% over the next 5 years.
- However this is lower than its past earnings growth rate of 70% per year.
- In contrast, the Utilities sector is expected to see its earnings decline by 2.3% per year 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 | |
|---|---|---|---|---|---|---|
| IFX Infineon Technologies | €65.19 | 5.7% +€4.6b | 95.2% | PE78.9x | Tech | |
| OHB OHB | €460.00 | 52.6% +€3.0b | 590.7% | PE157x | Industrials | |
| DHER Delivery Hero | €29.50 | 47.6% +€2.8b | 12.4% | PS0.6x | Consumer Discretionary | |
| ALV Allianz | €374.50 | 1.5% +€2.0b | 6.6% | PE11.9x | Financials | |
| MRK Merck KGaA | €117.35 | 4.0% +€2.0b | 2.4% | PE20.1x | Healthcare |