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Every member with fair value

DAX Stocks

The DAX holds the 40 largest German companies listed in Frankfurt. Below is each of its 40 stocks with price, a fair value from 26 models, upside, quality score and our verdict. Recalculated daily.

40Stocks
7Below fair value
26Above fair value
1Meet all 3 rules

DAX members at a glance

Sorted by market value. The name opens the analysis in the tool, the ticker the stock page. Upside = how far fair value sits above (+) or below (−) the price.

# Company Sector Price Fair value Upside Quality Verdict
1 SAP SAP Expensive, in a downtrend Information Technology €211 €174 −17.6% 84 Expensive, in a downtrend
2 Siemens SIE Solid, but very expensive Industrials €264 €150 −43.3% 61 Solid, but very expensive
3 Allianz ALV Solid, but very expensive Financials €451 €229 −49.2% 59 Solid, but very expensive
4 Airbus AIR Solid, but very expensive Industrials €196 €112 −42.9% 54 Solid, but very expensive
5 Deutsche Telekom DTE Meets all rules Communication Services €25.91 €34.16 +31.8% 56 Meets all rules
6 Siemens Energy ENR Solid, but very expensive Industrials €118 €38.94 −67.0% 67 Solid, but very expensive
7 Münchener Rück MUV2 Solid, but expensive Financials €569 €399 −29.8% 53 Solid, but expensive
8 Deutsche Post DHL Fairly valued, in an uptrend Industrials €58.02 €53.18 −8.3% 64 Fairly valued, in an uptrend
9 Merck KGaA MRK Solid, but expensive Health Care €149 €109 −26.6% 63 Solid, but expensive
10 Infineon IFX Solid, but very expensive Information Technology €45.76 €17.36 −62.1% 56 Solid, but very expensive
11 Deutsche Bank DBK Fairly valued, sideways Financials €31.56 €31.94 +1.2% 69 Fairly valued, sideways
12 Deutsche Börse DB1 Solid, but expensive Financials €320 €230 −28.3% 62 Solid, but expensive
13 Bayer BAYN Fairly valued, weak quality Health Care €55.58 €55.92 +0.6% 46 Fairly valued, weak quality
14 E.ON EOAN Very expensive, weak quality Utilities €19.09 €8.96 −53.1% 35 Very expensive, weak quality
15 Siemens Healthineers SHL Solid, but expensive Health Care €44.66 €34.95 −21.7% 64 Solid, but expensive
16 BASF BAS Solid, but expensive Materials €54.28 €38.46 −29.2% 54 Solid, but expensive
17 RWE RWE Expensive, weak quality Utilities €57.64 €43.47 −24.6% 33 Expensive, weak quality
18 Commerzbank CBK Solid, but very expensive Financials €38.21 €21.15 −44.6% 66 Solid, but very expensive
19 Mercedes-Benz MBG Undervalued, but in a downtrend Consumer Discretionary €41.56 €106 +155.4% 56 Undervalued, but in a downtrend
20 Rheinmetall RHM Very expensive, in a downtrend Industrials €813 €313 −61.5% 56 Very expensive, in a downtrend
21 BMW BMW Undervalued, but in a downtrend Consumer Discretionary €59.36 €92.72 +56.2% 50 Undervalued, but in a downtrend
22 Hannover Rück HNR1 Solid, but expensive Financials €293 €216 −26.2% 53 Solid, but expensive
23 Volkswagen (pref.) VOW3 Cheap, value-trap risk Consumer Discretionary €69.84 €209 +198.5% 46 Cheap, value-trap risk
24 Henkel (pref.) HEN3 Fairly valued, in an uptrend Consumer Staples €83.22 €91.79 +10.3% 71 Fairly valued, in an uptrend
25 adidas ADS Solid, but expensive Consumer Discretionary €175 €126 −27.7% 57 Solid, but expensive
26 Heidelberg Materials HEI Fairly valued, in a downtrend Materials €174 €177 +2.1% 63 Fairly valued, in a downtrend
27 Daimler Truck DTG Undervalued, in an uptrend Industrials €40.49 €49.70 +22.7% 52 Undervalued, in an uptrend
28 Fresenius FRE Expensive, in a downtrend Health Care €52.48 €34.77 −33.7% 59 Expensive, in a downtrend
29 Hochtief HOT Solid, but very expensive Industrials €366 €204 −44.2% 58 Solid, but very expensive
30 MTU Aero Engines MTX Solid, but expensive Industrials €347 €293 −15.4% 61 Solid, but expensive
31 Beiersdorf BEI Expensive, in a downtrend Consumer Staples €85.26 €69.09 −19.0% 66 Expensive, in a downtrend
32 Vonovia VNA Undervalued, but in a downtrend Real Estate €16.90 €36.43 +115.6% 55 Undervalued, but in a downtrend
33 Continental CON Undervalued, in an uptrend Consumer Discretionary €70.34 €113 +60.0% 52 Undervalued, in an uptrend
34 Symrise SY1 Solid, but very expensive Materials €96.34 €30.89 −67.9% 62 Solid, but very expensive
35 Fresenius Medical Care FME Fairly valued, sideways Health Care €42.23 €40.57 −3.9% 64 Fairly valued, sideways
36 GEA G1A Solid, but expensive Industrials €69.35 €49.48 −28.7% 71 Solid, but expensive
37 Qiagen QGEN Strong quality, but expensive Health Care $50.33 $38.89 −22.7% 77 Strong quality, but expensive
38 Brenntag BNR Solid, but expensive Materials €61.90 €40.83 −34.0% 61 Solid, but expensive
39 Zalando ZAL Solid, but expensive Consumer Discretionary €27.72 €24.04 −13.3% 62 Solid, but expensive
40 Scout24 G24 Fairly valued, in a downtrend Real Estate €89.10 €92.84 +4.2% 81 Fairly valued, in a downtrend

more than 10% below fair value (cheap)near fair value (±10%)more than 10% above fair value (expensive)

Fair values as of Nov 8, 2026. Constituents as of Nov 4, 2026, Holdings of the Global X DAX Germany ETF (tracks the DAX), cross-checked against the iShares Core DAX UCITS ETF (index provider). Values change with price and data. Not financial advice.

The index as a whole, weighted like an ETF tracking it: Fair value of DAX ETF.

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Frequently asked questions

Which companies are in the DAX?

The DAX holds the 40 largest German companies listed in Frankfurt. The largest are SAP, Siemens and Allianz; the table lists all 40 stocks. Constituents as of Nov 4, 2026.

Which DAX stocks are undervalued?

As of Nov 8, 2026, 7 of 40 valued members trade more than 10% below our fair value. The largest upside to fair value: Volkswagen (pref.) (+198.5%), Mercedes-Benz (+155.4%), Vonovia (+115.6%), Continental (+60.0%) and BMW (+56.2%). Meeting all three buy rules (fair value at least 30% above the price, quality from 50, uptrend): Deutsche Telekom.

How do you calculate fair value?

From 26 valuation models (discounted cash flow, earnings and asset-based models among them) built on audited financial statements. The upside column shows how far fair value sits above (+) or below (−) the price. Each row opens the full analysis with range, evidence and every model.

Is this a buy recommendation?

No. This is a model-based valuation, not financial advice and not a buy or sell recommendation. A low price can also be a value trap.