Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

Dutch (AEX) Market Analysis & Valuation

UpdatedSep 02, 2025
DataAggregated Company Financials
Companies99
  • 7D-2.2%
  • 3M-1.4%
  • 1Y-3.3%
  • YTD3.0%

Over the last 7 days, the market has dropped 2.2%, driven by pullbacks in every sector, especially the Financials sector. The market has dropped 3.3% in the last year. As for the next few years, earnings are expected to grow by 8.3% per annum.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 02 Sep 2025€1.0t€549.7b€67.1b16.6x15x1.8x
Thu, 31 Jul 2025€1.0t€544.4b€64.0b18.2x15.9x1.9x
Sat, 28 Jun 2025€1.0t€542.6b€62.0b19x16.8x1.9x
Mon, 26 May 2025€1.0t€543.8b€58.4b19.1x17.5x1.9x
Wed, 23 Apr 2025€931.3b€543.2b€58.2b15.9x16x1.7x
Fri, 21 Mar 2025€1.0t€567.1b€58.5b18.3x17.5x1.8x
Sun, 16 Feb 2025€1.1t€571.8b€57.7b17.4x18.7x1.9x
Tue, 14 Jan 2025€982.0b€564.2b€51.7b16.1x19x1.7x
Thu, 12 Dec 2024€1.0t€562.2b€51.5b17.3x19.5x1.8x
Sat, 09 Nov 2024€967.5b€560.1b€50.4b17.3x19.2x1.7x
Mon, 07 Oct 2024€1.0t€561.5b€52.7b17.8x19.9x1.9x
Wed, 04 Sep 2024€1.0t€567.0b€40.1b16.7x25.9x1.8x
Fri, 02 Aug 2024€1.0t€565.0b€40.3b16.5x25.7x1.8x
Sun, 30 Jun 2024€1.1t€561.9b€41.2b16.1x26.9x2x
Tue, 28 May 2024€1.1t€472.7b€42.7b18.6x25.3x2.3x
Thu, 25 Apr 2024€1.0t€564.9b€45.0b16.4x22.7x1.8x
Sat, 23 Mar 2024€1.0t€547.6b€46.1b16.5x22.4x1.9x
Mon, 19 Feb 2024€1.0t€566.9b€48.5b16x20.9x1.8x
Wed, 17 Jan 2024€900.7b€590.9b€60.2b16.1x15x1.5x
Fri, 15 Dec 2023€924.2b€594.3b€60.1b16.3x15.4x1.6x
Sun, 12 Nov 2023€846.9b€599.0b€59.8b15.6x14.2x1.4x
Tue, 10 Oct 2023€813.0b€592.7b€50.4b15.7x16.1x1.4x
Thu, 07 Sep 2023€906.2b€588.7b€49.2b17x18.4x1.5x
Sat, 05 Aug 2023€913.5b€582.0b€53.4b16.2x17.1x1.6x
Mon, 03 Jul 2023€928.2b€582.3b€52.0b16.9x17.9x1.6x
Wed, 31 May 2023€884.0b€576.9b€47.7b16.7x18.5x1.5x
Fri, 28 Apr 2023€862.7b€572.9b€49.1b17.4x17.6x1.5x
Sun, 26 Mar 2023€865.7b€562.7b€50.3b16x17.2x1.5x
Tue, 21 Feb 2023€910.4b€553.4b€48.1b15.7x18.9x1.6x
Thu, 19 Jan 2023€904.7b€541.0b€53.9b15x16.8x1.7x
Sat, 17 Dec 2022€831.8b€543.5b€54.4b14.2x15.3x1.5x
Mon, 14 Nov 2022€847.3b€545.8b€67.8b13.8x12.5x1.6x
Wed, 12 Oct 2022€727.8b€511.9b€80.9b12.3x9x1.4x
Fri, 09 Sep 2022€797.9b€514.6b€73.6b13x10.8x1.6x
Price to Earnings Ratio

10.8x


Total Market Cap: €797.9bTotal Earnings: €73.6bTotal Revenue: €514.6bTotal Market Cap vs Earnings and Revenue0%0%0%
Dutch Market Price to Earnings3Y Average 18.3x202320242025
Current Market PE
  • Investors are pessimistic on the Dutch market, indicating that they anticipate earnings will not grow as fast as they have historically.
  • The market is trading at a PE ratio of 15.0x which is lower than its 3-year average PE of 18.3x.
Past Earnings Growth
  • The earnings for Dutch listed companies have declined 3.0% per year over the last three years.
  • Meanwhile revenues for these companies have grown 2.2% per year.
  • This means that although more sales are being generated, either the cost of doing business or the level of investment back into businesses has increased, which has decreased profits.

Sector Trends

Which sectors have driven the changes within the Dutch Market?

NL Market-2.22%
Utilities0%0
Energy-0.26%
Healthcare-0.68%
Tech-1.42%
Materials-1.64%
Consumer Staples-2.36%
Real Estate-2.39%
Financials-2.42%
Consumer Discretionary-2.67%
Telecom-3.40%
Industrials-3.97%
Sector PE
  • Investors favour the Tech sector the most for future growth even though it's trading below its 3-year average PE ratio of 39.0x.
    • Analysts are expecting annual earnings growth of 11.0%, which is lower than the prior year's growth of 23.0% per year.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 34% over the next 5 years.
  • In contrast, the Telecom sector is expected to see its earnings decline by 2.6% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuationSector
HAL HAL Trust€138.808.1%
+€942.7m		14.7%PE7.3xFinancials
ASM ASM International€416.701.9%
+€376.5m		-31.5%PE38.7xTech
KPN Koninklijke KPN€4.090.8%
+€131.0m		10.7%PE20.3xTelecom
BNJ Banijay Group€9.053.4%
+€127.0m		2.3%PE18.1xTelecom
PHARM Pharming Group€1.245.6%
+€44.5m		76.3%PS2.9xHealthcare
See more

Market Insights

Header cover image
🌊 The 2025 IPO Wave: Winners, Losers, and What Investors Should Watch
Richard Bowman avatar
Richard Bowman
|
|
The number of IPOs and the capital raised this year are on track to outpace the last three years combined. And the thing is, successful IPOs attract more IPOs. Some will be genuine gems, while others, not so much. That’s why this week, we’re digging into the IPO market, and more importantly, how you can improve your odds of spotting a winner.
Continue reading
📊 Leveraged Upside and Downside With Bitcoin Treasury Companies
Last Week

📊 Leveraged Upside and Downside With Bitcoin Treasury Companies

Latest News

KENDR
€13.62
Kendrion
7D
14.8%
1Y
4.8%

Market Participants Recognise Kendrion N.V.'s (AMS:KENDR) Earnings Pushing Shares 28% Higher

Sep 02
Market Participants Recognise Kendrion N.V.'s (AMS:KENDR) Earnings Pushing Shares 28% Higher
WKL
€107.00
Wolters Kluwer
7D
-5.2%
1Y
-30.7%
HEIA
€67.96
Heineken
7D
-3.3%
1Y
-16.5%
IMCD
€95.48
IMCD
7D
0.7%
1Y
-35.1%

An Intrinsic Calculation For IMCD N.V. (AMS:IMCD) Suggests It's 44% Undervalued

Sep 01
An Intrinsic Calculation For IMCD N.V. (AMS:IMCD) Suggests It's 44% Undervalued
KPN
€4.09
Koninklijke KPN
7D
0.8%
1Y
10.7%

Koninklijke KPN (AMS:KPN) Has A Pretty Healthy Balance Sheet

Aug 31
Koninklijke KPN (AMS:KPN) Has A Pretty Healthy Balance Sheet
HAL
€138.80
HAL Trust
7D
8.1%
1Y
14.7%
ASM
€416.70
ASM International
7D
1.9%
1Y
-31.5%

The Price Is Right For ASM International NV (AMS:ASM)

Aug 29
The Price Is Right For ASM International NV (AMS:ASM)
PRX
€52.60
Prosus
7D
-2.8%
1Y
56.9%
UMG
€24.08
Universal Music Group
7D
-4.9%
1Y
1.8%

Here's Why We Think Universal Music Group (AMS:UMG) Might Deserve Your Attention Today

Aug 21
Here's Why We Think Universal Music Group (AMS:UMG) Might Deserve Your Attention Today
PHARM
€1.24
Pharming Group
7D
5.6%
1Y
76.3%
ADYEN
€1,423.00
Adyen
7D
-3.3%
1Y
8.0%

Here's What Analysts Are Forecasting For Adyen N.V. (AMS:ADYEN) After Its Interim Results

Aug 19
Here's What Analysts Are Forecasting For Adyen N.V. (AMS:ADYEN) After Its Interim Results
ENVI
€8.16
Envipco Holding
7D
8.2%
1Y
41.9%

Pending DRS Mandates Will Expand European Recycling Demand

The consensus price target for Envipco Holding has increased to €10.11, primarily driven by notable improvements in future earnings multiples and net profit margin expectations. What's in the News Secured a frame agreement with Statiegeld Nederland in the Netherlands to deliver Quantum bulk collection RVMs for out of home locations, with an agreement running to end of 2026, including 8-year service contracts and first orders received.
INGA
€20.52
ING Groep
7D
-2.9%
1Y
25.1%
User avatar

ING leads the pack when it comes to pivoting towards non-lending income

ING, of course, is a bank; and banks don't like falling interest rates, right? For the dominant stream of income is their core business model, i.e. borrowing short-term and lending long-term, reaping
AD
€33.99
Koninklijke Ahold Delhaize
7D
-2.5%
1Y
9.0%
BNJ
€9.05
Banijay Group
7D
3.4%
1Y
2.3%
ASML
€636.10
ASML Holding
7D
-1.6%
1Y
-22.3%

Why Now Is The Time to Buy ASML

What Does ASML Do? ASML Holding N.V. is a Dutch company and the world’s only supplier of extreme ultraviolet (EUV) lithography machines —a critical technology used to produce the world’s most advanced computer chips.