Dutch (AEX) Financials Sector Analysis

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
Sat, 01 Aug 2026	€256.2b	€98.0b	€17.8b	13.2x	14.4x	2.6x
Mon, 29 Jun 2026	€237.2b	€97.2b	€17.5b	13.1x	13.6x	2.4x
Wed, 27 May 2026	€240.9b	€97.2b	€17.5b	12.8x	13.8x	2.5x
Fri, 24 Apr 2026	€225.1b	€96.9b	€17.0b	11.7x	13.3x	2.3x
Sun, 22 Mar 2026	€206.8b	€89.0b	€17.1b	10.2x	12.1x	2.3x
Tue, 17 Feb 2026	€218.4b	€79.8b	€15.6b	12x	14x	2.7x
Thu, 15 Jan 2026	€238.3b	€92.9b	€14.2b	13.9x	16.8x	2.6x
Sat, 13 Dec 2025	€226.8b	€92.9b	€14.2b	13.2x	16x	2.4x
Mon, 10 Nov 2025	€219.1b	€92.9b	€14.2b	12.5x	15.4x	2.4x
Wed, 08 Oct 2025	€221.7b	€92.6b	€14.1b	12.3x	15.8x	2.4x
Fri, 05 Sep 2025	€234.8b	€107.8b	€28.2b	11.9x	8.3x	2.2x
Sun, 03 Aug 2025	€230.8b	€103.7b	€27.3b	10.9x	8.5x	2.2x
Tue, 01 Jul 2025	€235.4b	€104.1b	€27.6b	10.3x	8.5x	2.3x
Thu, 29 May 2025	€233.8b	€103.7b	€27.6b	10.1x	8.5x	2.3x
Sat, 26 Apr 2025	€217.3b	€103.7b	€27.9b	9.5x	7.8x	2.1x
Mon, 24 Mar 2025	€231.9b	€126.9b	€29.0b	10.5x	8x	1.8x
Wed, 19 Feb 2025	€238.2b	€127.9b	€29.9b	10.5x	8x	1.9x
Fri, 17 Jan 2025	€218.6b	€123.7b	€27.0b	13.3x	8.1x	1.8x
Sun, 15 Dec 2024	€214.9b	€123.7b	€27.0b	12.6x	8x	1.7x
Tue, 12 Nov 2024	€213.2b	€123.6b	€27.1b	13x	7.9x	1.7x
Thu, 10 Oct 2024	€213.7b	€126.0b	€28.8b	12x	7.4x	1.7x
Sat, 07 Sep 2024	€209.2b	€132.1b	€16.4b	10.6x	12.7x	1.6x
Mon, 05 Aug 2024	€196.9b	€127.0b	€15.0b	11.5x	13.1x	1.6x
Wed, 03 Jul 2024	€204.6b	€125.9b	€15.0b	10.9x	13.6x	1.6x
Fri, 31 May 2024	€210.2b	€125.9b	€15.0b	10.5x	14x	1.7x
Sun, 28 Apr 2024	€186.2b	€125.9b	€14.9b	11.8x	12.5x	1.5x
Tue, 26 Mar 2024	€170.9b	€110.8b	€14.9b	11.3x	11.5x	1.5x
Thu, 22 Feb 2024	€156.9b	€126.7b	€18.8b	11.1x	8.3x	1.2x
Sat, 20 Jan 2024	€146.6b	€138.5b	€26.2b	12.6x	5.6x	1.1x
Mon, 18 Dec 2023	€154.4b	€142.9b	€26.2b	13x	5.9x	1.1x
Wed, 15 Nov 2023	€141.3b	€142.9b	€26.3b	12.7x	5.4x	1x
Fri, 13 Oct 2023	€132.8b	€131.9b	€18.6b	8.3x	7.2x	1x
Sun, 10 Sep 2023	€134.1b	€129.2b	€17.7b	11.6x	7.6x	1x
Tue, 08 Aug 2023	€165.1b	€117.5b	€14.8b	15.6x	11.2x	1.4x

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 14.4x which is higher than its 3-year average PE of 10.7x.

The 3-year average PS ratio of 1.9x is lower than the industry's current PS ratio of 2.6x.

Past Earnings Growth

The earnings for companies in the Financials industry have grown 6.4% per year over the last three years.
Meanwhile revenues for these companies have declined 5.9% per year.
This means that less sales are being generated overall, but since cost of doing business is lower, profits have been increasing.

Industry Trends

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


NL Market	-2.45%
Financials	3.50%
Diversified Financial	4.78%
Banks	4.71%
Insurance	1.92%
Capital Markets	0.55%
Consumer Finance	0%	0

Industry PE

Investors are most optimistic about the Capital Markets industry even though it's trading below its 3-year average PE ratio of 101x.

Analysts are expecting annual earnings growth of 24.0%, which is higher than its past year's earnings growth of 12.6% 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 8.9x.

Forecasted Growth

Analysts are most optimistic on the Diversified Financial industry, expecting annual earnings growth of 35% over the next 5 years.
This is better than its past earnings growth rate of 23% 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
INGA ING Groep	€30.44	5.1% +€4.2b	55.5%	PB1.7x
ADYEN Adyen	€876.90	9.5% +€2.4b	-39.5%	PE26.1x
ABN ABN AMRO Bank	€39.00	3.5% +€1.1b	58.2%	PB1.2x
NN NN Group	€81.60	2.2% +€451.0m	40.6%	PE19.3x
CVC CVC Capital Partners	€14.51	2.5% +€376.7m	-9.8%	PE12.5x

Circle K Polska Sp. z o.o. entered into an agreement to acquire Zabka Group S.A. (WSE:ZAB) from CVC Capital Partners plc (ENXTAM:CVC), Partners Group Holding AG (SWX:PGHN) and other shareholders for PLN 32.0 billion.

Circle K Polska Sp. z o.o. entered into an agreement to acquire Zabka Group S.A. (WSE:ZAB) from CVC Capital Partners plc (ENXTAM:CVC), Partners Group Holding AG (SWX:PGHN) and other shareholders for PLN 32.0 billion on July 31, 2026. A cash consideration of PLN 31.97 billion valued at PLN 32 per share will be paid by Circle K Polska Sp. z o.o. As part of consideration, PLN 31.97 billion is paid towards common equity of Zabka Group S.A. The transaction is unanimously supported by the principal members of Zabka's management and by shareholders collectively holding about 57% of Zabka's issued and outstanding shares, including CVC Capital Partners and Partners Group, who have entered into separate firm irrevocable agreements to tender all of their Zabka shares in response to the offer. Couche-Tard plans to finance the transaction through fully committed loan facilities provided by JP Morgan, as lead arranger, and by National Bank of Canada Capital Markets and The Bank of Nova Scotia, as co-bookmakers. For Couche-Tard, this acquisition means the immediate addition of a major platform in Central and Eastern Europe, while preserving Zabka's management structure, its highly recognized brand, its entrepreneurial franchising model, and its local expertise. In Poland, this platform will complement the company's existing network of nearly 400 Circle K service stations offering fuel as well as food, beverages, and other convenience products. Upon completion, it will be the largest acquisition ever made by Couche-Tard and will significantly advance its Pillars + Growth strategy by adding a differentiated platform that would support long-term growth, innovation and value creation. The Offer Document is expected to be reviewed by the PFSA in time for the offer period to commence on or around August 26, 2026. Under the terms of the management retention agreements, Zabka's senior management have committed to selling all of their Zabka shares in response to the offer and to reinvesting a substantial portion of the cash proceeds from that sale in Couche-Tard shares. Furthermore, Zabka has entered into an agreement with Circle K Polska relating to the transaction, which governs in particular the conduct of Zabka's business in the normal course of business prior to the settlement of the offer as well as its disclosure obligations in the context of the offer. The offer will be subject to obtaining certain regulatory approvals or the expiry of applicable waiting periods, including merger control approval by the European Commission or the Prezes Urzedu Konkurencji i Konsumentów (the “UOKiK”) of Poland, as appropriate, foreign direct investment approval by the Comisia pentru examinarea investitiilor straine directe of Romania, and approval by the European Commission under the European Union regulation on foreign subsidies. The number of Zabka shares that Couche-Tard will ultimately acquire depends on the level of shareholder acceptance of the offer. If Couche-Tard obtains at least 95% of the total voting rights in Zabka, it intends to undertake a forced acquisition (outright takeover) of the remaining shares and take the necessary steps to delist Zabka's shares from the Warsaw Stock Exchange. Therefore, there is no guarantee that after the offer is completed or subsequently, Couche-Tard will be able to carry out a forced acquisition or obtain such delisting. In accordance with Polish securities laws, the offer may initially be accepted by Zabka shareholders for a period of 30 days following the start of the offer period mentioned above. Couche-Tard may, at its discretion, extend the offer acceptance period one or more times. Barring unforeseen circumstances or extensions of the offer acceptance period, it is currently anticipated that the offer will be completed, if at all, no later than December 2026, provided that all conditions of the offer are met or waived. The Transaction is expected to be accretive to adjusted EBITDA margin at the outset, and accretive to earnings per share by the second year following closing, with the opportunity to achieve a double-digit return on invested capital by the third year following closing. JP Morgan is acting as exclusive financial advisor to Couche-Tard and Goldman Sachs is acting as exclusive financial advisor to Zabka Group in relation to the transaction.

Dutch (AEX) Financials Sector Analysis

Sector Valuation and Performance

Industry Trends

Top Stock Gainers and Losers

Latest News

ING Groep Reports €1,947 Million 2Q2026 Net Result With Upgraded Guidance

Circle K Polska Sp. z o.o. entered into an agreement to acquire Zabka Group S.A. (WSE:ZAB) from CVC Capital Partners plc (ENXTAM:CVC), Partners Group Holding AG (SWX:PGHN) and other shareholders for PLN 32.0 billion.

ABN: Rising Price Hopes Will Still Meet Earnings Quality Constraint

Adyen Rolls Out Pix Payments With TAP Air Portugal at Major Brazilian Airports

Expanding Distribution And Reinsurance Actions Will Pressure Future Revenue Stability And Earnings Quality

ASRNL: Higher Price Views And New CEO Will Shape Balanced Outlook

NN: Future Returns Will Depend On Margin Delivery And Stable Forward P/E

Exor N.V. Announce Management Changes, Effective July 1, 2026

New major risk - Market cap size

Upcoming dividend of €3.50 per share