The time was good, but now it's time to say goodbye.

The German benchmark index Dax was calculated for the last time on Friday on the basis of 30 stocks.

With 15,650 points, he stepped almost on the spot in the past trading week.

From Monday on, the Dax will consist of 40 titles.

Markus Frühauf

Editor in business.

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The aircraft manufacturer Airbus, the chemicals dealer Brenntag, the cooking box supplier HelloFresh, the VW parent company Porsche Automobil Holding, the sporting goods manufacturer Puma, the biotechnology company Qiagen, the laboratory supplier Sartorius, the medical technology group Siemens Healthineers, the flavor expert Symrise and the online fashion department store are in the German stock exchange league Zalando on.

The index level will not change as a result, only the weighting of the individual stocks.

According to calculations by the Landesbank Baden-Württemberg (LBBW), this leads to a 16 percent higher market capitalization.

That would be a good 1.6 trillion euros after just under 1.4 trillion euros.

The price-earnings ratio (P / E), which was just under 18 in the Dax on Friday, will also increase.

The ten newcomers to the DAX are rated almost twice as high at 35.7.

The P / E ratio expresses how much a euro profit costs on the stock exchange.

High P / E ratios represent ambitious valuations and express expectations of future growth.

Insufficient consideration of sustainability

One point of criticism of the Dax increase is directed at the increasingly important sustainability aspect, which, according to Berenberg fund manager Andreas Strobl, could certainly have been taken into account even more.

Overall, he regards the Dax reform as a coherent further development.

The higher market capitalization will certainly increase the importance of the Dax internationally.

The reform is at the expense of the M-Dax for medium-sized stocks. This has enjoyed growing popularity among investors in recent years because its performance has been better. In the past twelve months, the M-Dax rose by almost 30 percent, the Dax by 19 percent. This year, the M-Dax with 16 percent is just ahead of the Dax with 14.5 percent. In the M-Dax there will only be 50 instead of 60 values ​​in the future. LBBW analysts estimate that its market capitalization of 631 billion euros will fall by almost half. Berenberg expert Strobl sees this as an opportunity because the profile of the M-Dax is strengthened as a growth index.