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Dutch (AEX) Market Analysis & Valuation

UpdatedDec 22, 2025
DataAggregated Company Financials
Companies99
  • 7D-0.5%
  • 3M3.0%
  • 1Y16.2%
  • YTD14.6%

The market has been flat over the last week. As for the longer term, the market has risen 16% in the past 12 months. As for the next few years, earnings are expected to grow by 12% per annum.

Market Valuation and Performance

Has the Dutch Market valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 22 Dec 2025€1.1t€541.0b€54.7b16.6x20.2x2x
Wed, 19 Nov 2025€1.1t€533.1b€53.5b16.5x20x2x
Fri, 17 Oct 2025€1.1t€535.0b€53.0b17.5x20.9x2.1x
Sun, 14 Sep 2025€1.0t€550.0b€67.6b16.7x15.2x1.9x
Tue, 12 Aug 2025€1.0t€547.5b€65.7b17.2x15.3x1.8x
Thu, 10 Jul 2025€1.0t€542.5b€62.0b18.9x16.8x1.9x
Sat, 07 Jun 2025€1.0t€543.6b€58.4b18.9x17.9x1.9x
Mon, 05 May 2025€989.2b€542.4b€57.6b17.8x17.2x1.8x
Wed, 02 Apr 2025€985.8b€544.7b€57.5b17.6x17.2x1.8x
Fri, 28 Feb 2025€1.1t€568.1b€59.2b18.4x17.8x1.9x
Sun, 26 Jan 2025€1.0t€565.1b€51.8b16.8x19.3x1.8x
Tue, 24 Dec 2024€984.4b€562.9b€51.6b15.9x19.1x1.7x
Thu, 21 Nov 2024€950.3b€561.5b€50.6b16.7x18.8x1.7x
Sat, 19 Oct 2024€1.0t€563.1b€52.8b18.2x19.2x1.8x
Mon, 16 Sep 2024€1.0t€567.1b€40.1b16.5x25.4x1.8x
Wed, 14 Aug 2024€1.0t€564.5b€40.2b15.3x25.2x1.8x
Fri, 12 Jul 2024€1.1t€560.9b€41.1b16.3x27.4x2x
Sun, 09 Jun 2024€1.1t€561.8b€44.5b17.6x25.2x2x
Tue, 07 May 2024€1.1t€561.8b€44.4b17x24.1x1.9x
Thu, 04 Apr 2024€1.0t€553.0b€45.5b16.5x23x1.9x
Sat, 02 Mar 2024€1.0t€569.4b€48.7b17.3x20.8x1.8x
Mon, 29 Jan 2024€968.2b€592.4b€60.8b16.5x15.9x1.6x
Wed, 27 Dec 2023€914.1b€594.2b€60.1b16.5x15.2x1.5x
Fri, 24 Nov 2023€876.2b€596.9b€59.3b15.6x14.8x1.5x
Sun, 22 Oct 2023€790.4b€593.5b€51.0b15.4x15.5x1.3x
Tue, 19 Sep 2023€869.8b€591.7b€50.1b16.9x17.4x1.5x
Thu, 17 Aug 2023€887.3b€575.7b€47.3b16.9x18.8x1.5x
Sat, 15 Jul 2023€940.7b€579.7b€51.5b16.9x18.3x1.6x
Mon, 12 Jun 2023€910.8b€587.0b€48.4b16.8x18.8x1.6x
Wed, 10 May 2023€874.6b€569.4b€45.9b17.2x19.1x1.5x
Fri, 07 Apr 2023€891.2b€562.0b€50.4b15.6x17.7x1.6x
Sun, 05 Mar 2023€902.8b€556.2b€44.8b16.1x20.2x1.6x
Tue, 31 Jan 2023€911.5b€542.0b€53.7b15.7x17x1.7x
Thu, 29 Dec 2022€813.9b€543.0b€54.3b14.3x15x1.5x
Price to Earnings Ratio

15x


Total Market Cap: €813.9bTotal Earnings: €54.3bTotal Revenue: €543.0bTotal Market Cap vs Earnings and Revenue0%0%0%
Dutch Market Price to Earnings3Y Average 19.1x202320242025
Current Market PE
  • Investors are relatively neutral on the Dutch 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 19.1x.
Past Earnings Growth
  • Both revenue and earnings for Dutch listed companies have remained mostly flat over the last three years.
  • This means sales and the cost of doing business have remained relatively consistent over this period and subsequently, so have profits.

Sector Trends

Which sectors have driven the changes within the Dutch Market?

NL Market-0.53%
Financials1.72%
Telecom1.23%
Consumer Discretionary1.19%
Real Estate0.53%
Healthcare0.47%
Consumer Staples0.28%
Utilities0%0
Energy-0.10%
Materials-0.48%
Industrials-1.30%
Tech-2.97%
Sector PE
  • Investors favour the Tech sector the most for future growth, which is trading close to its 3-year average PE ratio of 38.7x.
    • Analysts are expecting annual earnings growth of 13.0%, which is lower than the prior year's growth of 36.7% per year.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 37% over the next 5 years.
  • In contrast, the Telecom 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?

CompanyLast Price7D1YValuationSector
INGA ING Groep€23.933.1%
+€2.1b		62.6%PB1.4xFinancials
PRX Prosus€53.541.2%
+€1.4b		36.3%PE10.3xConsumer Discretionary
CCEP Coca-Cola Europacific Partners€79.502.3%
+€808.8m		10.1%PE23.3xConsumer Staples
ADYEN Adyen€1.38k1.9%
+€800.3m		-3.0%PE43.6xFinancials
UMG Universal Music Group€22.101.7%
+€678.6m		-9.8%PE15.6xTelecom
See more

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€79.50
Coca-Cola Europacific Partners
7D
2.3%
1Y
10.1%
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€31.51
Randstad
7D
-3.0%
1Y
-20.3%

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MT
€38.09
ArcelorMittal
7D
-3.0%
1Y
72.1%

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WKL
€89.52
Wolters Kluwer
7D
-2.6%
1Y
-43.9%

WKL: GenAI Expansion And Buybacks Will Support Future Earnings Upside

Analysts have trimmed their price target for Wolters Kluwer slightly, reflecting a marginally lower fair value estimate of EUR 138.00 versus EUR 138.92 previously. This adjustment factors in modestly slower revenue growth assumptions, offset by a stable discount rate, slightly higher profit margin expectations, and a marginally lower future P E multiple.
AGN
€6.48
Aegon
7D
-0.7%
1Y
15.4%
ASM
€509.40
ASM International
7D
-1.2%
1Y
-9.5%

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HEIA
€69.52
Heineken
7D
-0.4%
1Y
1.9%

HEIA: Margin Expansion From Productivity And Premiumisation Will Drive Future Outperformance

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ASML
€901.60
ASML Holding
7D
-3.2%
1Y
31.9%

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DSFIR
€69.08
DSM-Firmenich
7D
2.4%
1Y
-29.1%

DSFIR Commoditization And Chinese Competition Will Shape Future Margin Resilience Narrative

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ABN
€29.63
ABN AMRO Bank
7D
2.8%
1Y
102.7%

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MICC
€13.59
Magnum Ice Cream
7D
-4.6%
1Y
n/a
ADYEN
€1,377.40
Adyen
7D
1.9%
1Y
-3.0%

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UMG
€22.10
Universal Music Group
7D
1.7%
1Y
-9.8%

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PRX
€53.54
Prosus
7D
1.2%
1Y
36.3%

PRX: Rising Earnings Visibility Will Narrow The Discount To Underlying Assets

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INGA
€23.93
ING Groep
7D
3.1%
1Y
62.6%

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ASRNL
€60.26
ASR Nederland
7D
2.9%
1Y
35.5%