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Dutch (AEX) Financials Sector Analysis

UpdatedMar 16, 2026
DataAggregated Company Financials
Companies18
  • 7D-0.9%
  • 3M-8.4%
  • 1Y-1.0%
  • YTD-9.9%

Over the last 7 days, the Financials industry has remained flat, although notably Adyen declined by 5.1%. Furthermore, the industry has been flat for the past year as well. Earnings are forecast to grow by 11% annually.

Sector Valuation and Performance

Has the Dutch Financials Sector valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 17 Mar 2026€211.3b€88.8b€17.1b10.5x12.3x2.4x
Thu, 12 Feb 2026€230.8b€94.5b€15.5b11.9x14.9x2.4x
Sat, 10 Jan 2026€238.1b€92.9b€14.2b13.7x16.8x2.6x
Mon, 08 Dec 2025€226.7b€92.9b€14.2b13.1x16x2.4x
Wed, 05 Nov 2025€222.7b€92.9b€14.2b12.5x15.6x2.4x
Fri, 03 Oct 2025€223.1b€92.6b€14.1b12.5x15.9x2.4x
Sun, 31 Aug 2025€236.1b€107.8b€28.2b11.9x8.4x2.2x
Tue, 29 Jul 2025€241.3b€104.1b€27.6b10.6x8.7x2.3x
Thu, 26 Jun 2025€232.1b€104.1b€27.6b10.2x8.4x2.2x
Sat, 24 May 2025€232.0b€103.7b€27.6b10.1x8.4x2.2x
Mon, 21 Apr 2025€210.9b€103.7b€27.9b9.2x7.6x2x
Wed, 19 Mar 2025€232.8b€126.8b€29.0b10.8x8x1.8x
Fri, 14 Feb 2025€234.2b€127.9b€29.8b11.9x7.9x1.8x
Sun, 12 Jan 2025€212.7b€123.7b€27.0b12.7x7.9x1.7x
Tue, 10 Dec 2024€218.2b€123.7b€27.0b12.7x8.1x1.8x
Thu, 07 Nov 2024€212.9b€123.6b€27.1b12.7x7.9x1.7x
Sat, 05 Oct 2024€213.3b€126.0b€28.8b12x7.4x1.7x
Mon, 02 Sep 2024€214.3b€132.1b€16.4b10.7x13.1x1.6x
Wed, 31 Jul 2024€209.5b€127.1b€15.4b11.7x13.6x1.6x
Fri, 28 Jun 2024€202.7b€125.9b€15.0b10.6x13.5x1.6x
Sun, 26 May 2024€213.2b€125.9b€15.0b11x14.2x1.7x
Tue, 23 Apr 2024€177.6b€125.9b€14.8b12.1x12x1.4x
Thu, 21 Mar 2024€167.1b€107.3b€14.9b11x11.2x1.6x
Sat, 17 Feb 2024€158.6b€126.7b€18.8b11x8.4x1.3x
Mon, 15 Jan 2024€150.2b€138.5b€26.2b12.7x5.7x1.1x
Wed, 13 Dec 2023€153.9b€142.9b€26.2b12.6x5.9x1.1x
Fri, 10 Nov 2023€136.1b€142.9b€26.3b12.6x5.2x1x
Sun, 08 Oct 2023€132.1b€131.9b€18.6b8.2x7.1x1x
Tue, 05 Sep 2023€137.6b€129.2b€17.7b11.7x7.8x1.1x
Thu, 03 Aug 2023€165.7b€125.8b€20.5b15.8x8.1x1.3x
Sat, 01 Jul 2023€159.2b€125.9b€20.5b16x7.8x1.3x
Mon, 29 May 2023€157.5b€125.9b€20.5b14.9x7.7x1.3x
Wed, 26 Apr 2023€150.4b€123.7b€19.1b12.7x7.9x1.2x
Fri, 24 Mar 2023€149.1b€115.6b€21.1b10.2x7.1x1.3x
Price to Earnings Ratio

7.1x


Total Market Cap: €149.1bTotal Earnings: €21.1bTotal Revenue: €115.6bTotal Market Cap vs Earnings and Revenue0%0%0%
Dutch Financials Sector Price to Earnings3Y Average 9.9x202420252026
Current Industry PE
  • Investors are optimistic on the Dutch Financials industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 12.3x which is higher than its 3-year average PE of 9.9x.
  • The 3-year average PS ratio of 1.7x is lower than the industry's current PS ratio of 2.4x.
Past Earnings Growth
  • The earnings for companies in the Financials industry have declined 5.9% per year over the last three years,
  • Revenues have also declined 5.9% per year.
  • This means overall sales from these companies are declining and profits are subsequently falling as well.

Industry Trends

Which industries have driven the changes within the Dutch Financials sector?

NL Market1.66%
Financials-0.91%
Insurance0.52%
Consumer Finance0%0
Banks-0.51%
Capital Markets-1.63%
Diversified Financial-1.92%
Industry PE
  • Investors are most optimistic about the Capital Markets industry even though it's trading below its 3-year average PE ratio of 121x.
    • Analysts are expecting annual earnings growth of 17.3%, which is lower than the prior year's growth of 70.9% per year.
  • Investors are most pessimistic about the Banks industry, which is trading close to its 3-year average of 8.2x.
Forecasted Growth
  • Analysts are most optimistic on the Diversified Financial industry, expecting annual earnings growth of 19% over the next 5 years.
  • However this is lower than its past earnings growth rate of 47% per year.
  • In contrast, the Banks industry is expected to see its earnings grow by 2.4% per year over the next few years.

Top Stock Gainers and Losers

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

CompanyLast Price7D1YValuation
ABN ABN AMRO Bank€27.511.6%
+€345.7m		39.0%PB0.8x
NN NN Group€66.181.4%
+€246.5m		32.9%PE15.7x
HAL HAL Trust€172.001.4%
+€216.8m		39.6%PE9x
ASRNL ASR Nederland€58.081.2%
+€143.2m		10.5%PE25x
SWICH SWI Capital Holding€5.003.7%
+€77.5m		n/an/a

Latest News

TRIO
€28.50
Triodos Bank
7D
-0.7%
1Y
n/a
HAL
€172.00
HAL Trust
7D
1.4%
1Y
39.6%
CVC
€11.10
CVC Capital Partners
7D
-4.3%
1Y
-41.3%
VLK
€56.70
Van Lanschot Kempen
7D
2.2%
1Y
20.3%
AGN
€6.06
Aegon
7D
0.4%
1Y
1.1%

AGN: Future Buybacks And US Refocus Will Support Return Upside

Analysts have slightly lifted their price target on Aegon to €7.35 from €7.31, citing updated assumptions for revenue growth, margin outlook, and a lower forward P/E multiple as key drivers of the change. What's in the News Aegon proposed a 2025 final dividend of €0.21 per common share, described as 11% higher than the 2024 final dividend.
ADYEN
€894.20
Adyen
7D
-5.1%
1Y
-40.8%

ADYEN: Long Term Market Share Gains Will Support A Higher Future Multiple

We are trimming our Adyen fair value estimate to €1,460.82 from €1,812.87, reflecting lower assumed revenue growth, slightly softer profit margins, and a reduced future P/E multiple that aligns with recent analyst price target cuts clustered around €1,350 to €1,925. Analyst Commentary Recent Street research around Adyen has become more mixed, with several large banks trimming price targets while others keep the stock in their preferred ideas lists.
INGA
€22.54
ING Groep
7D
-0.04%
1Y
21.7%

INGA: Future Returns Will Depend On Volume Execution And Cash Distributions

The analyst price target for ING Groep has inched higher to about €26.94 from roughly €26.89, as analysts point to updated assumptions around growth volumes, profitability and P/E expectations reflected in recent target increases from several banks. Analyst Commentary Recent research points to a generally constructive stance on ING Groep, with several banks lifting their price targets and at least one firm moving to a more positive rating.
NN
€66.18
NN Group
7D
1.4%
1Y
32.9%

NN: Future Returns Will Depend On Earnings Delivery And Capital Return Plans

Analysts have lifted their fair value estimate for NN Group to €71.73 from €67.74. This reflects higher Street price targets from firms that now see the shares closer to €75 to €83, supported by updated assumptions on discount rate, revenue growth, profit margin and future P/E.
ALLFG
€8.46
Allfunds Group
7D
1.0%
1Y
51.6%
ABN
€27.51
ABN AMRO Bank
7D
1.6%
1Y
39.0%

ABN: Elevated P/E Will Face Test From Net Interest Income Uncertainty

The analyst price target for ABN AMRO Bank has been raised from €21.98 to €23.45 as analysts factor in updated assumptions on revenue growth, profit margins and future P/E, alongside recent research that points to upside potential in net interest income and generally more constructive coverage of the shares. Analyst Commentary Street research around ABN AMRO Bank has become more active, with several firms updating views and price targets based on refreshed assumptions for earnings, net interest income and valuation multiples.
SWICH
€5.00
SWI Capital Holding
7D
3.7%
1Y
n/a
VALUE
€6.50
Value8
7D
-1.5%
1Y
12.1%
ASRNL
€58.08
ASR Nederland
7D
1.2%
1Y
10.5%
EXO
€68.15
Exor
7D
-2.5%
1Y
-24.4%
FLOW
€27.66
Flow Traders
7D
-0.9%
1Y
1.4%
PBH
€3.50
PB Holding
7D
-1.7%
1Y
16.7%