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Every member with fair value

MDAX Stocks

The MDAX holds the 50 German mid caps ranking below the DAX. Below is each of its 50 stocks with price, a fair value from 26 models, upside, quality score and our verdict. Recalculated daily.

50Stocks
21Below fair value
19Above fair value
0Meet all 3 rules

MDAX 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 Porsche AG (pref.) P911 Very expensive, weak quality Consumer Discretionary €47.06 €24.72 −47.5% 46 Very expensive, weak quality
2 Talanx TLX Solid, but expensive Financials €130 €89.76 −30.9% 55 Solid, but expensive
3 Sartorius (pref.) SRT3 Very expensive, weak quality Health Care €290 €42.50 −85.3% 49 Very expensive, weak quality
4 Traton 8TRA Fairly valued, weak quality Industrials €33.78 €32.85 −2.8% 37 Fairly valued, weak quality
5 Knorr-Bremse KBX Solid, but expensive Consumer Discretionary €94.45 €72.88 −22.8% 67 Solid, but expensive
6 DWS DWS Fairly valued, in an uptrend Financials €65.55 €60.26 −8.1% 77 Fairly valued, in an uptrend
7 Delivery Hero DHER Very expensive, weak quality Consumer Discretionary €37.00 €12.59 −66.0% 39 Very expensive, weak quality
8 Nordex NDX1 Fairly valued, weak quality Industrials €42.98 €45.03 +4.8% 46 Fairly valued, weak quality
9 Deutsche Lufthansa LHA Speculative Industrials €8.44 €10.00 +18.5% 41 Speculative
10 Evonik EVK Fairly valued, in an uptrend Materials €21.12 €20.62 −2.4% 54 Fairly valued, in an uptrend
11 Hensoldt HAG Very expensive, weak quality Industrials €77.44 €33.78 −56.4% 43 Very expensive, weak quality
12 Porsche Automobil Holding (pref.) PAH3 Undervalued, but in a downtrend Consumer Discretionary €26.13 €37.65 +44.1% 67 Undervalued, but in a downtrend
13 thyssenkrupp TKA Fairly valued, in an uptrend Industrials €11.94 €13.03 +9.2% 57 Fairly valued, in an uptrend
14 Nemetschek NEM Undervalued, but in a downtrend Information Technology €64.75 €74.80 +15.5% 73 Undervalued, but in a downtrend
15 Hella KGaA Hueck HLE Undervalued, but in a downtrend Consumer Discretionary €66.30 €106 +60.0% 57 Undervalued, but in a downtrend
16 Rational RAA Undervalued, but sideways Industrials €624 €711 +14.1% 77 Undervalued, but sideways
17 Fraport FRA Very expensive, weak quality Industrials €68.40 €35.02 −48.8% 44 Very expensive, weak quality
18 Aurubis NDA Solid, but expensive Industrials €138 €110 −20.1% 56 Solid, but expensive
19 CTS Eventim EVD Undervalued, but in a downtrend Information Technology €62.00 €80.88 +30.5% 56 Undervalued, but in a downtrend
20 Fuchs (pref.) FPE3 Fairly valued, in an uptrend Materials €42.72 €39.71 −7.0% 72 Fairly valued, in an uptrend
21 Schaeffler SHA0 Cheap, value-trap risk Industrials €5.50 €8.80 +60.0% 36 Cheap, value-trap risk
22 RTL RRTL Undervalued, but in a downtrend Communication Services €32.95 €42.13 +27.9% 58 Undervalued, but in a downtrend
23 TKMS TKMS Undervalued, in an uptrend Industrials €78.20 €89.54 +14.5% 65 Undervalued, in an uptrend
24 IONOS IOS Undervalued, in an uptrend Information Technology €34.98 €42.31 +21.0% 73 Undervalued, in an uptrend
25 Bechtle BC8 Solid, but expensive Industrials €33.42 €29.19 −12.7% 54 Solid, but expensive
26 Kion KGX Expensive, weak quality Industrials €34.32 €30.42 −11.4% 49 Expensive, weak quality
27 United Internet UTDI Fairly valued, in a downtrend Communication Services €24.70 €26.54 +7.4% 51 Fairly valued, in a downtrend
28 LEG Immobilien LEG Expensive, in a downtrend Real Estate €50.90 €38.48 −24.4% 68 Expensive, in a downtrend
29 Wacker Chemie WCH Speculative Materials €79.40 €109 +37.0% 39 Speculative
30 PUMA PUM Very expensive, weak quality Consumer Discretionary €26.82 €5.52 −79.4% 41 Very expensive, weak quality
31 Auto1 AG1 Very expensive, weak quality Consumer Discretionary €17.45 €4.48 −74.3% 47 Very expensive, weak quality
32 TUI TUI1 Undervalued, but sideways Consumer Discretionary €7.57 €22.70 +200.0% 50 Undervalued, but sideways
33 Krones KRN Undervalued, but in a downtrend Industrials €111 €178 +60.0% 61 Undervalued, but in a downtrend
34 Renk R3NK Very expensive, in a downtrend Industrials €34.20 €21.08 −38.4% 61 Very expensive, in a downtrend
35 Aixtron AIXA Solid, but expensive Information Technology €30.41 €20.49 −32.6% 68 Solid, but expensive
36 Aumovio N AMV0 Speculative Consumer Cyclical €31.85 €40.10 +25.9% 43 Speculative
37 freenet FNTN Undervalued, but in a downtrend Communication Services €23.34 €39.08 +67.4% 66 Undervalued, but in a downtrend
38 Salzgitter SZG Cheap, value-trap risk Materials €48.88 €78.21 +60.0% 42 Cheap, value-trap risk
39 TAG Immobilien TEG Fairly valued, in a downtrend Real Estate €11.77 €11.34 −3.7% 57 Fairly valued, in a downtrend
40 flatexDEGIRO FTK Undervalued, but in a downtrend Information Technology €22.50 €45.00 +100.0% 72 Undervalued, but in a downtrend
41 K+S SDF Very expensive, weak quality Materials €13.36 €4.06 −69.6% 46 Very expensive, weak quality
42 Bilfinger GBF Undervalued, but in a downtrend Industrials €61.40 €100 +62.9% 65 Undervalued, but in a downtrend
43 Ströer SAX Fairly valued, in an uptrend Communication Services €38.92 €42.86 +10.1% 58 Fairly valued, in an uptrend
44 Jenoptik JEN Solid, but expensive Information Technology €35.80 €29.12 −18.7% 59 Solid, but expensive
45 Elmos Semiconductor ELG Fairly valued, in an uptrend Information Technology €114 €125 +9.1% 62 Fairly valued, in an uptrend
46 Aroundtown AT1 Undervalued, but in a downtrend Real Estate €1.67 €3.99 +139.6% 66 Undervalued, but in a downtrend
47 Siltronic WAF Cheap, value-trap risk Information Technology €50.35 €112 +122.8% 22 Cheap, value-trap risk
48 Deutz DEZ Expensive, weak quality Industrials €9.25 €7.60 −17.9% 39 Expensive, weak quality
49 Lanxess LXS Cheap, value-trap risk Materials €13.10 €33.08 +152.5% 41 Cheap, value-trap risk
50 SÜSS MicroTec SMHN Solid, but very expensive Information Technology €44.20 €16.25 −63.2% 50 Solid, but very expensive

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 7, 2026, Holdings of the iShares MDAX UCITS ETF (tracks the MDAX) (index provider). Values change with price and data. Not financial advice.

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Frequently asked questions

Which companies are in the MDAX?

The MDAX holds the 50 German mid caps ranking below the DAX. The largest are Porsche AG (pref.), Talanx and Sartorius (pref.); the table lists all 50 stocks. Constituents as of Nov 7, 2026.

Which MDAX stocks are undervalued?

As of Nov 8, 2026, 21 of 50 valued members trade more than 10% below our fair value. The largest upside to fair value: TUI (+200.0%), Lanxess (+152.5%), Aroundtown (+139.6%), Siltronic (+122.8%) and flatexDEGIRO (+100.0%).

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.