Narrative Update • Sep 17
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Dutch (AEX) Financials Sector Analysis
UpdatedSep 20, 2026
DataAggregated Company Financials
Companies19
- 7D-1.3%
- 3M8.5%
- 1Y17.6%
- YTD11.7%
Over the last 7 days, the Financials industry has dropped 1.3%, driven by a pullback from Adyen of 5.3%. Over the past 12 months, the industry was up 18%. As for the next few years, earnings are expected to grow by 13% per annum.
Sector Valuation and Performance
Has the Dutch Financials Sector valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Sun, 20 Sep 2026 | €263.2b | €98.6b | €19.0b | 12.6x | 13.8x | 2.7x |
| Tue, 18 Aug 2026 | €265.0b | €98.2b | €18.5b | 13.8x | 14.3x | 2.7x |
| Thu, 16 Jul 2026 | €249.9b | €97.2b | €17.5b | 12.9x | 14.3x | 2.6x |
| Sat, 13 Jun 2026 | €232.1b | €97.2b | €17.5b | 12.7x | 13.3x | 2.4x |
| Mon, 11 May 2026 | €231.2b | €97.1b | €17.1b | 12x | 13.5x | 2.4x |
| Wed, 08 Apr 2026 | €213.1b | €96.9b | €17.0b | 10.9x | 12.6x | 2.2x |
| Fri, 06 Mar 2026 | €215.0b | €74.3b | €17.0b | 14.6x | 12.7x | 2.9x |
| Sun, 01 Feb 2026 | €234.5b | €94.5b | €15.5b | 12.1x | 15.1x | 2.5x |
| Tue, 30 Dec 2025 | €231.7b | €92.9b | €14.2b | 13.7x | 16.3x | 2.5x |
| Thu, 27 Nov 2025 | €224.7b | €92.9b | €14.2b | 13x | 15.8x | 2.4x |
| Sat, 25 Oct 2025 | €221.4b | €92.6b | €14.1b | 12.5x | 15.7x | 2.4x |
| Mon, 22 Sep 2025 | €218.4b | €92.6b | €14.1b | 12.3x | 15.5x | 2.4x |
| Wed, 20 Aug 2025 | €242.1b | €105.7b | €27.0b | 12.7x | 9x | 2.3x |
| Fri, 18 Jul 2025 | €239.9b | €104.1b | €27.6b | 10.6x | 8.7x | 2.3x |
| Sun, 15 Jun 2025 | €232.0b | €103.7b | €27.6b | 10x | 8.4x | 2.2x |
| Tue, 13 May 2025 | €234.2b | €103.7b | €27.7b | 10.3x | 8.4x | 2.3x |
| Thu, 10 Apr 2025 | €196.7b | €103.7b | €27.9b | 8.5x | 7.1x | 1.9x |
| Sat, 08 Mar 2025 | €234.1b | €122.0b | €30.2b | 9x | 7.7x | 1.9x |
| Mon, 03 Feb 2025 | €224.4b | €123.7b | €27.0b | 13.3x | 8.3x | 1.8x |
| Wed, 01 Jan 2025 | €212.1b | €123.7b | €27.0b | 12.8x | 7.9x | 1.7x |
| Fri, 29 Nov 2024 | €212.0b | €123.7b | €27.0b | 12.6x | 7.8x | 1.7x |
| Sun, 27 Oct 2024 | €215.4b | €126.0b | €28.8b | 12.1x | 7.5x | 1.7x |
| Tue, 24 Sep 2024 | €217.4b | €132.2b | €16.3b | 11.4x | 13.3x | 1.6x |
| Thu, 22 Aug 2024 | €211.1b | €129.7b | €16.6b | 10.4x | 12.7x | 1.6x |
| Sat, 20 Jul 2024 | €206.9b | €125.9b | €15.0b | 11.1x | 13.8x | 1.6x |
| Mon, 17 Jun 2024 | €201.9b | €125.9b | €15.0b | 10.4x | 13.4x | 1.6x |
| Wed, 15 May 2024 | €214.1b | €125.8b | €14.9b | 12.9x | 14.4x | 1.7x |
| Fri, 12 Apr 2024 | €181.6b | €81.1b | €14.8b | 11.6x | 12.3x | 2.2x |
| Sun, 10 Mar 2024 | €163.8b | €127.5b | €17.3b | 16.5x | 9.5x | 1.3x |
| Tue, 06 Feb 2024 | €145.7b | €126.5b | €18.4b | 9.7x | 7.9x | 1.2x |
| Thu, 04 Jan 2024 | €149.9b | €142.9b | €26.2b | 13.3x | 5.7x | 1x |
| Sat, 02 Dec 2023 | €145.7b | €142.9b | €26.2b | 12.3x | 5.6x | 1x |
| Mon, 30 Oct 2023 | €123.7b | €131.8b | €18.5b | 12.4x | 6.7x | 0.9x |
| Wed, 27 Sep 2023 | €129.9b | €131.9b | €18.5b | 10.9x | 7x | 1x |
Price to Earnings Ratio
7x
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 13.8x which is higher than its 3-year average PE of 10.9x.
- The 3-year average PS ratio of 1.9x is lower than the industry's current PS ratio of 2.7x.
Past Earnings Growth
- The earnings for companies in the Financials industry have remained mostly flat over the last three years.
- Meanwhile revenues for these companies have declined 9.2% per year.
- This means that the cost of doing business could be reducing since sales have declined but profits have remained steady.
Industry Trends
Which industries have driven the changes within the Dutch Financials sector?
| NL Market | -1.18% | |
| Financials | -1.33% | |
| Insurance | 1.37% | |
| Consumer Finance | 0% | 0 |
| Banks | -0.91% | |
| Capital Markets | -2.72% | |
| Diversified Financial | -3.29% | |
Industry PE
- Investors are most optimistic about the Capital Markets industry even though it's trading below its 3-year average PE ratio of 89.8x.
- Analysts are expecting annual earnings growth of 15.1%, which is lower than the prior year's growth of 28.0% per year.
- Investors are most pessimistic about the Banks industry, although it looks like investor sentiment has improved given that it's trading above its 3-year average of 9.2x.
Forecasted Growth
- Analysts are most optimistic on the Diversified Financial industry, expecting annual earnings growth of 36% over the next 5 years.
- This is better than its past earnings decline of 2.1% per year.
- In contrast, the Banks industry is expected to see its earnings grow by 4.7% per year over the next few years.
Top Stock Gainers and Losers
Which companies have driven the market over the last 7 days?
| Company | Last Price | 7D | 1Y | Valuation | |
|---|---|---|---|---|---|
| NN NN Group | €80.24 | 2.5% +€514.9m | 37.0% | PE11.7x | |
| HAL HAL Trust | €164.20 | 1.4% +€198.7m | 22.5% | PE10.4x | |
| ASRNL ASR Nederland | €74.08 | 0.8% +€125.0m | 28.5% | PE13.1x | |
| VLK Van Lanschot Kempen | €69.40 | 3.4% +€97.7m | 37.7% | PE17.5x | |
| ALLFG Allfunds Group | €9.15 | 1.7% +€89.9m | 44.9% | PE134.5x |
