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

Dutch (AEX) Market Analysis & Valuation

UpdatedJan 24, 2026
DataAggregated Company Financials
Companies99
  • 7D-0.6%
  • 3M9.2%
  • 1Y26.5%
  • YTD7.5%

The Energy sector gained 4.3% while the market remained flat over the last week. As for the longer term, the market has risen 26% 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
Sat, 24 Jan 2026€1.3t€538.1b€54.6b17.2x23.2x2.4x
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
Price to Earnings Ratio

17x


Total Market Cap: €911.5bTotal Earnings: €53.7bTotal Revenue: €542.0bTotal Market Cap vs Earnings and Revenue0%0%0%
Dutch Market Price to Earnings3Y Average 19.2x202420252026
Current Market PE
  • Investors are optimistic on the Dutch market, and appear confident in strong long term growth rates.
  • The market is trading at a PE ratio of 22.7x which is higher than its 3-year average PE of 19.2x.
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-0.62%
Materials4.61%
Energy4.14%
Tech1.09%
Utilities0%0
Telecom-1.03%
Consumer Staples-1.19%
Financials-1.75%
Industrials-2.26%
Healthcare-2.51%
Real Estate-3.95%
Consumer Discretionary-5.74%
Sector PE
  • Investors favour the Tech sector the most for future growth, which is trading above its 3-year average PE ratio of 38.7x.
    • Analysts are expecting annual earnings growth of 14.1%, 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 30% 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
ASML ASML Holding€1.18k0.9%
+€4.2b		68.1%PE48.1xTech
MT ArcelorMittal€45.979.2%
+€3.0b		93.9%PE15.9xMaterials
ASM ASM International€711.603.2%
+€1.1b		16.8%PE44.4xTech
KPN Koninklijke KPN€3.892.2%
+€325.1m		10.4%PE19xTelecom
SBMO SBM Offshore€30.606.4%
+€307.2m		71.7%PE17xEnergy
See more

Market Insights

Header cover image
How to invest when commodity prices get messy ⚖️
Richard Bowman avatar
Richard Bowman
|
|
From miners to energy, 2026 may reward structure and margins over spot price bets.
Continue reading
Why Didn’t Oil React to Venezuela? 🇻🇪
Last Week

Why Didn’t Oil React to Venezuela? 🇻🇪

Latest News

MT
€45.97
ArcelorMittal
7D
9.2%
1Y
93.9%

MT: Renewables Expansion And Asset Sales Will Support Balanced Returns Going Forward

Analysts have lifted their price target on ArcelorMittal to €43.34 from €39.20, citing updated assumptions around slightly lower discount rates, firmer revenue growth, improved profit margins and a marginally adjusted future P/E multiple. What's in the News ArcelorMittal plans three new renewable energy projects in India with a combined 1GW of solar and wind capacity.
ASML
€1,178.20
ASML Holding
7D
0.9%
1Y
68.1%
WKL
€84.38
Wolters Kluwer
7D
-3.7%
1Y
-50.2%
ALLFG
€8.23
Allfunds Group
7D
2.8%
1Y
65.4%
ASM
€711.60
ASM International
7D
3.2%
1Y
16.8%
AD
€32.93
Koninklijke Ahold Delhaize
7D
-2.7%
1Y
-1.5%

AD: Margin And Execution Risks Will Likely Persist Despite New Buyback

Analysts have inched their fair value estimate for Koninklijke Ahold Delhaize up to €29.57 from €29.29, reflecting updated assumptions on discount rate, revenue growth, profit margins and future P/E, following recent mixed Street views that include a lower price target from one firm and a Buy upgrade with a higher €41 target from another. Analyst Commentary The latest Street views on Koninklijke Ahold Delhaize highlight a clear split between cautious and more optimistic voices, with price targets stretching from the mid €20s up to €41.
ADYEN
€1,396.80
Adyen
7D
0.3%
1Y
-8.1%
INGA
€24.14
ING Groep
7D
-3.6%
1Y
50.7%
SBMO
€30.60
SBM Offshore
7D
6.4%
1Y
71.7%

SBMO: Higher Fair Value Will Support Confidence In Long-Term Earnings Power

Narrative Update on SBM Offshore Analysts have lifted their fair value estimate for SBM Offshore from €34.77 to €44.92, citing a lower discount rate, adjusted assumptions for revenue growth and profit margins, and a higher future P/E multiple in recent research updates. Analyst Commentary Bullish analysts point to the recent fair value lift to €44.92 as a reflection of updated assumptions on revenue growth, profit margins, and a higher future P/E multiple.
ABN
€30.48
ABN AMRO Bank
7D
-1.9%
1Y
90.1%

ABN: Fairly Valued Outlook Will Hinge On P E And Margin Assumptions

Analysts have lifted their fair value estimate for ABN AMRO Bank from €29.84 to about €31.18, citing updated price targets from several firms and refreshed assumptions on discount rates, margins and future P/E as key drivers behind the change. Analyst Commentary Recent research updates on ABN AMRO Bank point to a cluster of slightly higher price targets, which feeds directly into the revised fair value estimate.
PRX
€50.24
Prosus
7D
-5.9%
1Y
41.7%
BESI
€175.05
BE Semiconductor Industries
7D
1.2%
1Y
28.8%

After Leaping 30% BE Semiconductor Industries N.V. (AMS:BESI) Shares Are Not Flying Under The Radar

Jan 16
After Leaping 30% BE Semiconductor Industries N.V. (AMS:BESI) Shares Are Not Flying Under The Radar
UMG
€21.08
Universal Music Group
7D
-2.3%
1Y
-13.0%

UMG: AI Partnerships And Retail Expansion Will Shape A Balanced Outlook

Analysts have trimmed their fair value estimate for Universal Music Group from €22.00 to €21.00 per share, reflecting updated views on slightly higher revenue growth assumptions, a modestly lower discount rate, a lower profit margin outlook, and a reduced future P/E multiple. What's in the News UMG is collaborating with NVIDIA to develop AI tools for music discovery, creation, and engagement using NVIDIA AI infrastructure and UMG's catalog of millions of tracks across genres and eras, with a focus on rightsholder attribution and protection (Key Developments).
NN
€64.84
NN Group
7D
-2.5%
1Y
51.1%

NN: Future Returns Will Depend On Earnings Quality And P E Resilience

Analysts have raised their price target on NN Group to €64.40 from €53.90, citing updated views on discount rates, profit margins and future P/E assumptions. Analyst Commentary Bullish Takeaways Bullish analysts view the higher €64.40 price target as aligning more closely with their updated P/E assumptions, suggesting the shares may better reflect the company’s earnings profile than under the prior €53.90 target.
PHIA
€24.84
Koninklijke Philips
7D
-3.1%
1Y
-3.0%

These 4 Measures Indicate That Koninklijke Philips (AMS:PHIA) Is Using Debt Extensively

Jan 06
These 4 Measures Indicate That Koninklijke Philips (AMS:PHIA) Is Using Debt Extensively
KPN
€3.89
Koninklijke KPN
7D
2.2%
1Y
10.4%

Koninklijke KPN (AMS:KPN) Seems To Use Debt Quite Sensibly

Dec 21
Koninklijke KPN (AMS:KPN) Seems To Use Debt Quite Sensibly