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Dutch (AEX) Market Analysis & Valuation

UpdatedDec 26, 2025
DataAggregated Company Financials
Companies99
  • 7D-0.5%
  • 3M2.5%
  • 1Y14.8%
  • YTD14.1%

The market has stayed flat over the 7 days. More promisingly, the market is up 15% over the past year. 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
Fri, 26 Dec 2025€1.1t€540.6b€54.7b16.6x20.1x2x
Sun, 23 Nov 2025€1.1t€533.5b€53.6b16.6x19.8x2x
Tue, 21 Oct 2025€1.1t€531.7b€53.5b17.4x20.7x2.1x
Thu, 18 Sep 2025€1.0t€549.5b€67.5b16.4x15.5x1.9x
Sat, 16 Aug 2025€1.0t€547.5b€65.7b16.8x15.4x1.8x
Mon, 14 Jul 2025€1.0t€542.7b€62.1b19.7x16.8x1.9x
Wed, 11 Jun 2025€1.1t€543.4b€58.4b19.4x18.2x2x
Fri, 09 May 2025€1.0t€544.5b€58.7b18.5x17.1x1.8x
Sun, 06 Apr 2025€911.5b€543.6b€57.3b16.5x15.9x1.7x
Tue, 04 Mar 2025€1.0t€567.2b€59.2b18.2x17.7x1.9x
Thu, 30 Jan 2025€989.2b€565.6b€51.8b17.1x19.1x1.7x
Sat, 28 Dec 2024€991.0b€562.8b€51.6b16.1x19.2x1.8x
Mon, 25 Nov 2024€969.3b€562.3b€50.7b16.7x19.1x1.7x
Wed, 23 Oct 2024€1.0t€563.5b€52.8b18.1x19.1x1.8x
Fri, 20 Sep 2024€1.0t€566.6b€40.0b16.1x25.8x1.8x
Sun, 18 Aug 2024€1.0t€564.7b€40.3b15.5x25.9x1.9x
Tue, 16 Jul 2024€1.1t€560.7b€41.0b16.3x27.5x2x
Thu, 13 Jun 2024€1.1t€561.8b€44.5b17.5x25.1x2x
Sat, 11 May 2024€1.1t€561.8b€44.3b18.7x24.5x1.9x
Mon, 08 Apr 2024€1.0t€565.8b€45.3b16.4x23.2x1.9x
Wed, 06 Mar 2024€1.0t€567.0b€48.8b16.7x20.7x1.8x
Fri, 02 Feb 2024€969.6b€579.1b€52.6b16.3x18.4x1.7x
Sun, 31 Dec 2023€917.1b€594.0b€60.0b16.8x15.3x1.5x
Tue, 28 Nov 2023€876.7b€596.7b€59.3b15.8x14.8x1.5x
Thu, 26 Oct 2023€801.7b€593.7b€52.7b15.5x15.2x1.4x
Sat, 23 Sep 2023€825.9b€591.9b€50.2b16.7x16.4x1.4x
Mon, 21 Aug 2023€860.9b€572.9b€47.4b16.5x18.2x1.5x
Wed, 19 Jul 2023€930.4b€579.8b€51.4b16.9x18.1x1.6x
Fri, 16 Jun 2023€926.2b€585.4b€48.2b17x19.2x1.6x
Sun, 14 May 2023€881.8b€574.2b€47.6b17.1x18.5x1.5x
Tue, 11 Apr 2023€891.2b€567.6b€47.5b16.4x18.8x1.6x
Thu, 09 Mar 2023€892.0b€541.4b€43.8b15.9x20.4x1.6x
Sat, 04 Feb 2023€933.6b€543.1b€53.5b15.2x17.4x1.7x
Mon, 02 Jan 2023€811.2b€542.1b€54.2b14.1x15x1.5x
Price to Earnings Ratio

15x


Total Market Cap: €811.2bTotal Earnings: €54.2bTotal Revenue: €542.1bTotal Market Cap vs Earnings and Revenue0%0%0%
Dutch Market Price to Earnings3Y Average 19.1x20242025
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-0.50%
Real Estate0.73%
Energy0.71%
Materials0.46%
Utilities0%0
Telecom-0.064%
Financials-0.12%
Healthcare-0.20%
Tech-0.20%
Industrials-0.73%
Consumer Staples-1.30%
Consumer Discretionary-2.10%
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
MT ArcelorMittal€38.420.9%
+€251.0m		73.0%PE13.3xMaterials
HAL HAL Trust€140.801.9%
+€234.9m		22.9%PE7.4xFinancials
NN NN Group€65.760.9%
+€158.6m		57.0%PE13.8xFinancials
ASM ASM International€512.600.6%
+€156.4m		-9.4%PE32xTech
AGN Aegon€6.561.2%
+€114.5m		15.6%PE7.8xFinancials
See more

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Adyen
7D
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1Y
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AD
€34.57
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7D
-0.7%
1Y
10.2%
CCEP
€77.20
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7D
-2.9%
1Y
5.3%
NN
€65.76
NN Group
7D
0.9%
1Y
57.0%

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MT
€38.42
ArcelorMittal
7D
0.9%
1Y
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€88.26
Wolters Kluwer
7D
-1.4%
1Y
-45.2%

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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
1.2%
1Y
15.6%
ASM
€512.60
ASM International
7D
0.6%
1Y
-9.4%

ASM: Premium Margins And Advanced Node Demand Will Support Further Share Gains

Analysts have nudged their price target on ASM International slightly higher to about EUR 627 from roughly EUR 626, citing stronger confidence in the company’s long term revenue growth, profit margins, and valuation multiple as reflected in recent target increases from major brokerage houses. Analyst Commentary Bullish analysts have recently pushed their price targets for ASM International toward the mid EUR 600s, reinforcing the view that the company can sustain robust top line growth and defend premium valuation multiples.
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Heineken
7D
-1.3%
1Y
-0.8%

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€899.00
ASML Holding
7D
-0.3%
1Y
31.3%

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€29.41
ABN AMRO Bank
7D
-0.7%
1Y
97.7%

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€52.38
Prosus
7D
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1Y
34.4%

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€17.66
CTP
7D
0.9%
1Y
18.4%
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7D
0.7%
1Y
3.2%

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€60.62
ASR Nederland
7D
0.6%
1Y
33.9%