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Dutch (AEX) Market Analysis & Valuation

UpdatedDec 23, 2025
DataAggregated Company Financials
Companies99
  • 7D-1.0%
  • 3M2.5%
  • 1Y15.7%
  • YTD14.1%

Over the last 7 days, the market has dropped 1.0%, driven by a decline of 3.5% in the Information Technology sector. In contrast to the last week, the market is actually up 16% over the past year. Earnings are forecast to grow by 12% annually.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 23 Dec 2025€1.1t€540.8b€54.7b16.6x20.1x2x
Thu, 20 Nov 2025€1.1t€533.4b€53.6b16.8x20.2x2x
Sat, 18 Oct 2025€1.1t€531.6b€53.5b17.2x20.5x2.1x
Mon, 15 Sep 2025€1.0t€550.0b€67.6b16.7x15.2x1.9x
Wed, 13 Aug 2025€1.0t€547.1b€65.6b17x15.3x1.8x
Fri, 11 Jul 2025€1.1t€542.6b€62.0b19.7x16.9x1.9x
Sun, 08 Jun 2025€1.0t€543.6b€58.4b18.9x17.9x1.9x
Tue, 06 May 2025€989.6b€542.4b€57.4b18.2x17.2x1.8x
Thu, 03 Apr 2025€980.9b€544.3b€57.4b17.6x17.1x1.8x
Sat, 01 Mar 2025€1.1t€568.1b€59.3b19.1x17.7x1.9x
Mon, 27 Jan 2025€1.0t€565.1b€51.8b16.8x19.3x1.8x
Wed, 25 Dec 2024€988.3b€563.0b€51.6b16.1x19.2x1.8x
Fri, 22 Nov 2024€958.1b€562.0b€50.5b16.8x19x1.7x
Sun, 20 Oct 2024€1.0t€563.1b€52.8b18.2x19.2x1.8x
Tue, 17 Sep 2024€1.0t€566.7b€40.0b16.4x25.3x1.8x
Thu, 15 Aug 2024€1.0t€564.4b€40.2b15.3x25.3x1.8x
Sat, 13 Jul 2024€1.1t€560.6b€41.0b16.6x27.8x2x
Mon, 10 Jun 2024€1.1t€561.8b€44.5b17.6x25.2x2x
Wed, 08 May 2024€1.1t€561.9b€44.5b17.5x24.3x1.9x
Fri, 05 Apr 2024€1.1t€565.9b€45.3b16.6x23.2x1.9x
Sun, 03 Mar 2024€1.0t€569.8b€48.9b16.4x20.7x1.8x
Tue, 30 Jan 2024€970.7b€592.0b€60.5b16.6x16x1.6x
Thu, 28 Dec 2023€918.6b€593.5b€59.9b16.7x15.3x1.5x
Sat, 25 Nov 2023€880.0b€596.7b€59.3b15.7x14.8x1.5x
Mon, 23 Oct 2023€790.2b€593.5b€51.0b15.4x15.5x1.3x
Wed, 20 Sep 2023€868.1b€591.7b€50.1b17x17.3x1.5x
Fri, 18 Aug 2023€863.6b€576.0b€47.4b16.9x18.2x1.5x
Sun, 16 Jul 2023€940.7b€579.7b€51.5b16.9x18.3x1.6x
Tue, 13 Jun 2023€914.0b€586.9b€48.4b16.8x18.9x1.6x
Thu, 11 May 2023€878.5b€569.3b€45.9b17.2x19.1x1.5x
Sat, 08 Apr 2023€891.2b€567.6b€47.5b16.4x18.7x1.6x
Mon, 06 Mar 2023€902.7b€555.7b€44.8b16.1x20.2x1.6x
Wed, 01 Feb 2023€911.8b€542.6b€53.5b15.9x17x1.7x
Fri, 30 Dec 2022€826.4b€542.4b€54.2b14.3x15.2x1.5x
Price to Earnings Ratio

15.2x


Total Market Cap: €826.4bTotal Earnings: €54.2bTotal Revenue: €542.4bTotal 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-1.01%
Healthcare1.74%
Financials1.32%
Telecom1.26%
Energy0.79%
Real Estate0.79%
Materials0.19%
Utilities0%0
Consumer Discretionary-0.057%
Consumer Staples-0.88%
Industrials-1.46%
Tech-3.46%
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 36% 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€23.922.6%
+€1.7b		62.2%PB1.4xFinancials
ADYEN Adyen€1.37k1.7%
+€712.1m		-3.2%PE43.5xFinancials
UMG Universal Music Group€22.091.7%
+€660.2m		-9.9%PE15.6xTelecom
DSFIR DSM-Firmenich€69.262.6%
+€451.8m		-28.9%PE24.5xMaterials
NN NN Group€65.442.0%
+€338.4m		57.8%PE13.7xFinancials
See more

Market Insights

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NN
€65.44
NN Group
7D
2.0%
1Y
57.8%

NN: Future Outcomes Will Rely On Earnings Quality And Margin Resilience

Analysts have raised their price target on NN Group to EUR 64.40 from EUR 53.90, citing slightly lower discount rate assumptions and a modestly higher long term profit margin outlook that support a higher valuation multiple. Analyst Commentary Recent price target revisions reflect a more constructive view on NN Group's long term earnings power, even as overall recommendations remain balanced.
RAND
€31.16
Randstad
7D
-4.1%
1Y
-21.2%

RAND: Future Upside Will Rely On Margin Discipline Despite Modest Assumption Shifts

Analysts have modestly lowered their price target on Randstad to approximately €40.21 from about €41.18. This reflects a slightly higher discount rate and marginally softer profit margin assumptions, partially offset by firmer expectations for revenue growth.
MT
€38.34
ArcelorMittal
7D
-2.3%
1Y
73.2%

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WKL
€90.08
Wolters Kluwer
7D
-2.0%
1Y
-43.5%

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
€6.56
Aegon
7D
0.6%
1Y
16.8%
HEIO
€61.15
Heineken Holding
7D
-1.2%
1Y
6.6%

HEIO: Share Price Will Benefit From Stable Margins Despite Volume Declines

Analysts have modestly reaffirmed their outlook on Heineken Holding, keeping the price target effectively unchanged at €107.0, citing stable assumptions for revenue growth, profit margins, and valuation multiples. What's in the News Reported third quarter 2025 operating results showing an organic decline of 4.3% in total beer volume, reflecting softer consumer demand in several key markets (company announcement).
PHIA
€22.91
Koninklijke Philips
7D
1.5%
1Y
-5.8%
HEIA
€68.50
Heineken
7D
-1.9%
1Y
0.4%

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

Heineken's analyst fair value estimate has inched up by about EUR 0.45 as analysts modestly lift their long term price targets, citing slightly stronger expectations for revenue growth and margins despite near term volume headwinds. Analyst Commentary Recent target price revisions have been modest, reflecting a generally cautious but constructive stance on Heineken's medium term outlook.
ASML
€896.00
ASML Holding
7D
-3.8%
1Y
31.0%

ASML: Elevated EUV Demand Expectations Will Likely Expose Downside If 2026 Recovery Slips

Analysts have significantly raised their fair value estimate for ASML Holding from approximately EUR 573 to about EUR 729 as they factor in a series of higher Street price targets, expectations for stronger medium term revenue growth, resilient margins, and increased confidence in EUV led demand from 2026 onward. Analyst Commentary Street research on ASML has turned markedly more optimistic in recent weeks, with multiple major institutions lifting price targets into the upper triple digits and reiterating positive ratings.
DSFIR
€69.26
DSM-Firmenich
7D
2.6%
1Y
-28.9%

DSFIR Commoditization And Chinese Competition Will Shape Future Margin Resilience Narrative

Analysts have reduced their average price target for DSM-Firmenich by roughly EUR 15, reflecting heightened concern over commoditization risks in European consumer ingredients, as well as intensifying competitive and pricing pressures from China. Analyst Commentary Bearish analysts have increasingly framed the recent wave of price target cuts as a reassessment of DSM-Firmenich's near term earnings power, with lower expectations for margin resilience in consumer ingredients.
MICC
€13.48
Magnum Ice Cream
7D
-5.4%
1Y
n/a
ADYEN
€1,374.60
Adyen
7D
1.7%
1Y
-3.2%

ADYEN: Reduced Execution Risk Will Support Stronger Margin Expansion Ahead

Analysts have nudged their price expectations for Adyen higher, with the blended target rising by approximately EUR 60 to around the mid EUR 1,800s. They cite stronger net revenue growth, operating leverage from moderated hiring, and a slightly lower risk profile that supports a richer yet still reasonable earnings multiple.
UMG
€22.09
Universal Music Group
7D
1.7%
1Y
-9.9%

UMG: AI Licensing Deals Will Unlock New High-Margin Revenue Streams

Analysts have modestly raised their price target on Universal Music Group, reflecting incremental optimism around slightly faster expected revenue growth and higher future earnings multiples that more than offset a small downward revision to projected profit margins. What's in the News Universal Music and Warner Music are reportedly nearing landmark AI licensing deals with several generative AI startups, potentially securing new monetization and usage safeguards around their catalogs in the coming weeks (Financial Times).
INGA
€23.92
ING Groep
7D
2.6%
1Y
62.2%

INGA: Future Returns Will Depend On Sustained Profitability And Capital Return Execution

The analyst price target for ING Groep has inched higher to approximately EUR 23.30 from about EUR 23.28, as analysts factor in a slightly lower discount rate and modestly stronger long term earnings visibility. This aligns with a series of recent upward revisions to Street targets toward the mid EUR 20s.
AKZA
€58.58
Akzo Nobel
7D
3.1%
1Y
5.1%

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ASRNL
€60.66
ASR Nederland
7D
1.7%
1Y
36.0%