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Dutch (AEX) Market Analysis & Valuation

UpdatedJan 29, 2026
DataAggregated Company Financials
Companies99
  • 7D1.5%
  • 3M8.2%
  • 1Y26.8%
  • YTD7.2%

The market is up 1.5% over the last week, with the Information Technology sector leading the way, up 3.0%. As for the past 12 months, the market is up 27%. 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, 30 Jan 2026€1.3t€537.7b€54.7b17.1x23.2x2.4x
Sun, 28 Dec 2025€1.1t€540.7b€54.7b16.6x20.1x2x
Tue, 25 Nov 2025€1.1t€533.5b€53.6b16.6x19.9x2x
Thu, 23 Oct 2025€1.1t€532.0b€53.5b17.3x20.5x2.1x
Sat, 20 Sep 2025€1.1t€534.5b€52.9b16.5x20x2x
Mon, 18 Aug 2025€1.0t€547.7b€65.8b16.7x15.4x1.8x
Wed, 16 Jul 2025€1.1t€543.2b€62.1b19.5x16.9x1.9x
Fri, 13 Jun 2025€1.0t€542.6b€58.3b18.9x18x1.9x
Sun, 11 May 2025€1.0t€544.4b€58.7b18.7x17.2x1.8x
Tue, 08 Apr 2025€878.9b€543.7b€57.4b15.8x15.3x1.6x
Thu, 06 Mar 2025€1.0t€565.4b€59.0b19x17.5x1.8x
Sat, 01 Feb 2025€1.0t€567.9b€52.6b17.1x19.5x1.8x
Mon, 30 Dec 2024€991.0b€562.8b€51.6b16.1x19.2x1.8x
Wed, 27 Nov 2024€967.8b€562.0b€50.5b16.6x19.2x1.7x
Fri, 25 Oct 2024€1.0t€563.0b€52.7b17.9x19x1.8x
Sun, 22 Sep 2024€1.0t€566.6b€40.0b16.8x25.3x1.8x
Tue, 20 Aug 2024€1.0t€564.4b€40.3b15.6x26x1.9x
Thu, 18 Jul 2024€1.1t€560.4b€41.0b16.4x26.3x1.9x
Sat, 15 Jun 2024€1.1t€562.5b€44.6b17.6x24.9x2x
Mon, 13 May 2024€1.1t€561.8b€44.3b18.7x24.5x1.9x
Wed, 10 Apr 2024€1.0t€565.6b€45.2b16.8x23.1x1.8x
Fri, 08 Mar 2024€1.0t€566.6b€48.7b16.8x21.4x1.8x
Sun, 04 Feb 2024€973.4b€579.8b€52.7b16.2x18.5x1.7x
Tue, 02 Jan 2024€917.1b€594.0b€60.0b16.8x15.3x1.5x
Thu, 30 Nov 2023€874.4b€596.5b€59.2b15.6x14.8x1.5x
Sat, 28 Oct 2023€796.9b€592.6b€52.8b15.6x15.1x1.3x
Mon, 25 Sep 2023€825.9b€592.0b€50.3b16.7x16.4x1.4x
Wed, 23 Aug 2023€868.2b€573.2b€46.7b16.3x18.6x1.5x
Fri, 21 Jul 2023€914.5b€580.5b€51.5b17.1x17.7x1.6x
Sun, 18 Jun 2023€921.0b€585.4b€48.2b17x19.1x1.6x
Tue, 16 May 2023€888.0b€574.1b€47.6b17.3x18.7x1.5x
Thu, 13 Apr 2023€888.2b€566.8b€47.4b16.5x18.7x1.6x
Sat, 11 Mar 2023€877.5b€546.3b€43.7b15.7x20.1x1.6x
Mon, 06 Feb 2023€934.1b€543.3b€53.7b15.2x17.4x1.7x
Price to Earnings Ratio

17.4x


Total Market Cap: €934.1bTotal Earnings: €53.7bTotal Revenue: €543.3bTotal Market Cap vs Earnings and Revenue0%0%0%
Dutch Market Price to Earnings3Y Average 19.3x202420252026
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 23.4x which is higher than its 3-year average PE of 19.3x.
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 Market1.51%
Materials3.66%
Tech3.00%
Energy2.97%
Telecom2.11%
Real Estate2.02%
Industrials0.81%
Consumer Staples0.56%
Utilities0%0
Financials-0.31%
Healthcare-0.51%
Consumer Discretionary-0.62%
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 14.7%, 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€1.19k1.3%
+€6.0b		68.7%PE47.9xTech
KPN Koninklijke KPN€4.095.9%
+€875.9m		15.1%PE18.3xTelecom
MICC Magnum Ice Cream€15.037.8%
+€668.6m		n/aPE15.8xConsumer Staples
HEIA Heineken€68.801.2%
+€453.6m		1.9%PE20.9xConsumer Staples
INGA ING Groep€24.630.4%
+€308.8m		52.5%PB1.4xFinancials
See more

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INGA
€24.63
ING Groep
7D
0.4%
1Y
52.5%
ASML
€1,192.00
ASML Holding
7D
1.3%
1Y
68.7%
KPN
€4.09
Koninklijke KPN
7D
5.9%
1Y
15.1%
PRX
€49.77
Prosus
7D
-1.8%
1Y
35.8%

PRX: Buybacks And Cash Returns Will Narrow The Holding Discount

Analysts have recently nudged their price targets for Prosus higher, with one moving to €74 from €69, another adjusting to €69 from €68.50, and a third changing to €72 from €75. These revisions reflect updated views on discount rates, revenue growth, profit margins and future P/E assumptions.
HEIA
€68.80
Heineken
7D
1.2%
1Y
1.9%

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Analysts have trimmed their fair value estimate for Heineken to about €84.66 from €86.01, while Street price targets have clustered around the low to mid €70s. This reflects a mix of recent downgrades and price target hikes that balance slightly higher growth assumptions with a modestly lower profit margin outlook and a steady future P/E.
ADYEN
€1,270.60
Adyen
7D
-11.2%
1Y
-18.7%

ADYEN: Market Share Gains And Cost Discipline Will Support Balanced Outlook

Adyen's updated analyst price target edges higher as fair value is revised to €1,361.98, supported by slightly adjusted revenue growth and margin assumptions. This is reinforced by recent target increases and rating upgrades from analysts.
AALB
€32.32
Aalberts
7D
5.6%
1Y
-6.0%

AALB: Higher Future P/E Assumptions Will Support Medium Term Upside

Analysts have nudged their price target for Aalberts slightly lower to €36.78 from €37.75, reflecting updated assumptions for revenue growth, profit margins, and the P/E multiple they apply to the company. Valuation Changes Fair Value Estimate reduced slightly from €37.75 to €36.78 per share.
BESI
€162.55
BE Semiconductor Industries
7D
-7.1%
1Y
32.3%

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Our analyst fair value estimate for BE Semiconductor Industries has been lifted to €105 from €100, reflecting higher modeled revenue growth and a slightly lower assumed future P/E. This follows recent research from multiple banks, which raised price targets into the €154 to €190 range and highlighted expected benefits from demand related to high bandwidth memory.
WKL
€79.22
Wolters Kluwer
7D
-4.9%
1Y
-54.7%

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⚖️ Business Overview Key Metrics Total: 9/17 +2 ✅ Projected Operating Margin: 26.38% +0 ⚠️ Projected 5-Year Revenue CAGR: 6.69% +1 ✅ Last 5-Year ROIC: 16.60% +1 ✅ Estimated Cost of Capital: 6.94% (less than ROIC) +1 ✅ Last 5-Year Shares Outstanding CAGR: -2.77% -1 ❌ Projected 5-Year EPS CAGR: 9.49% (given the ease of manipulating earnings metrics, sub-10% growth warrants caution) +0 ⚠️ Projected 5-Year Dividend CAGR: 7.44% +1 ✅ Moody's Rating: A3 +2 ✅✅ Morningstar Moat: Wide +2 ✅✅ Morningstar Uncertainty: Low Wolters Kluwer demonstrates strong operating margins of 26%, evidencing both competitive advantages and pricing power. This operational strength aligns with Morningstar's Wide Moat rating and notably rare Low Uncertainty designation—signaling a stable, well-entrenched industry position.
NN
€66.22
NN Group
7D
1.6%
1Y
49.6%

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Analysts have nudged their price targets on NN Group higher, supporting a move in the fair value estimate from €66.16 to about €67.39. Recent research cites updated target ranges around €64 to €64.40 and modest tweaks to discount rate, profit margin and future P/E assumptions.
MT
€45.74
ArcelorMittal
7D
-1.3%
1Y
88.5%

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ASM
€699.00
ASM International
7D
-2.0%
1Y
27.8%
MICC
€15.03
Magnum Ice Cream
7D
7.8%
1Y
n/a
PHIA
€24.24
Koninklijke Philips
7D
-4.4%
1Y
-9.8%

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HAL
€154.60
HAL Trust
7D
1.8%
1Y
30.1%

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Oct 23
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EXO
€69.15
Exor
7D
-2.5%
1Y
-24.5%