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Dutch (AEX) Financials Sector Analysis

UpdatedDec 15, 2025
DataAggregated Company Financials
Companies18
  • 7D-0.2%
  • 3M3.1%
  • 1Y16.7%
  • YTD16.8%

The Financials industry has been flat over the last week, but Aegon has lost 8.0%. As for the the longer term, the industry is up 17% over the past 12 months. Looking forward, earnings are forecast to grow by 16% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 15 Dec 2025€226.8b€92.9b€14.2b13.2x16x2.4x
Wed, 12 Nov 2025€227.3b€92.9b€14.2b12.7x16x2.4x
Fri, 10 Oct 2025€221.7b€92.6b€14.1b12.3x15.8x2.4x
Sun, 07 Sep 2025€233.1b€108.0b€28.7b11.8x8.1x2.2x
Tue, 05 Aug 2025€232.1b€103.7b€27.3b11x8.5x2.2x
Thu, 03 Jul 2025€236.0b€104.1b€27.6b10.3x8.5x2.3x
Sat, 31 May 2025€237.2b€103.7b€27.6b10.3x8.6x2.3x
Mon, 28 Apr 2025€217.1b€103.7b€27.9b9.5x7.8x2.1x
Wed, 26 Mar 2025€233.5b€126.9b€29.0b10.8x8.1x1.8x
Fri, 21 Feb 2025€234.8b€127.8b€30.2b10.1x7.8x1.8x
Sun, 19 Jan 2025€220.0b€123.7b€27.0b13.2x8.1x1.8x
Tue, 17 Dec 2024€213.4b€123.7b€27.0b12.5x7.9x1.7x
Thu, 14 Nov 2024€207.2b€123.6b€27.1b12.6x7.7x1.7x
Sat, 12 Oct 2024€214.4b€126.0b€28.8b12.1x7.4x1.7x
Mon, 09 Sep 2024€209.2b€132.2b€16.3b10.6x12.8x1.6x
Wed, 07 Aug 2024€191.4b€129.3b€16.7b10.2x11.5x1.5x
Fri, 05 Jul 2024€207.0b€125.9b€15.0b10.9x13.8x1.6x
Sun, 02 Jun 2024€209.1b€125.9b€15.0b10.5x13.9x1.7x
Tue, 30 Apr 2024€186.2b€125.9b€14.9b11.9x12.5x1.5x
Thu, 28 Mar 2024€173.8b€110.8b€14.9b11.2x11.7x1.6x
Sat, 24 Feb 2024€159.0b€126.7b€18.8b15.5x8.5x1.3x
Mon, 22 Jan 2024€146.6b€138.5b€26.2b12.6x5.6x1.1x
Wed, 20 Dec 2023€152.7b€142.9b€26.2b13x5.8x1.1x
Fri, 17 Nov 2023€141.3b€142.9b€26.3b12.6x5.4x1x
Sun, 15 Oct 2023€130.0b€131.9b€18.6b8.2x7x1x
Tue, 12 Sep 2023€134.3b€129.2b€17.7b11.5x7.6x1x
Thu, 10 Aug 2023€163.5b€117.5b€14.8b16.4x11.1x1.4x
Sat, 08 Jul 2023€154.8b€125.9b€20.5b15.7x7.6x1.2x
Mon, 05 Jun 2023€158.6b€125.9b€20.5b13.7x7.7x1.3x
Wed, 03 May 2023€148.4b€123.7b€19.1b12.8x7.8x1.2x
Fri, 31 Mar 2023€149.6b€115.5b€21.1b10.4x7.1x1.3x
Sun, 26 Feb 2023€117.9b€95.6b€14.5b9.6x8.1x1.2x
Tue, 24 Jan 2023€113.9b€97.4b€14.6b8.9x7.8x1.2x
Thu, 22 Dec 2022€108.3b€97.4b€14.7b7.4x7.4x1.1x
Price to Earnings Ratio

7.4x


Total Market Cap: €108.3bTotal Earnings: €14.7bTotal Revenue: €97.4bTotal Market Cap vs Earnings and Revenue0%0%0%
Dutch Financials Sector Price to Earnings3Y Average 9.3x202320242025
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 16.0x which is higher than its 3-year average PE of 9.3x.
  • The 3-year average PS ratio of 1.6x is lower than the industry's current PS ratio of 2.4x.
Past Earnings Growth
  • Both revenue and earnings for companies in the Financials industry have remained mostly flat over the last three years.
  • This means that sales and the cost of doing business have remained relatively consistent over this period and subsequently, so have profits.

Industry Trends

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

NL Market-1.00%
Financials-0.18%
Banks0.31%
Consumer Finance0%0
Capital Markets-0.046%
Diversified Financial-0.21%
Insurance-1.43%
Industry PE
  • Investors are most optimistic about the Capital Markets industry even though it's trading below its 3-year average PE ratio of 124x.
    • Analysts are expecting annual earnings growth of 22.3%, which is lower than the prior year's growth of 97.1% per year.
  • Investors are most pessimistic about the Insurance industry, which is trading below its 3-year average of 12.2x.
Forecasted Growth
  • Analysts are most optimistic on the Diversified Financial industry, expecting annual earnings growth of 26% over the next 5 years.
  • However this is lower than its past earnings growth rate of 50% per year.
  • In contrast, the Insurance industry is expected to see its earnings grow by 7.5% 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
INGA ING Groep€23.331.6%
+€1.0b		57.4%PB1.4x
ADYEN Adyen€1.35k1.3%
+€567.1m		-9.6%PE42.7x
CVC CVC Capital Partners€14.262.8%
+€414.6m		-35.2%PE20.1x
ASRNL ASR Nederland€59.642.5%
+€305.9m		33.0%PE11.8x
NN NN Group€64.161.6%
+€274.9m		52.0%PE13.4x

Latest News

ABN
€29.45
ABN AMRO Bank
7D
-0.8%
1Y
102.0%

ABN: Rising Profitability And Capital Strength Will Support Upgraded Fair Value Estimate

ABN AMRO Bank's analyst fair value estimate has been raised from EUR 29.00 to EUR 36.00, as analysts point to stronger expected revenue growth, higher profit margins, and solid capital and efficiency trends reflected in a series of recent price target upgrades across the Street. Analyst Commentary Street research has turned increasingly constructive on ABN AMRO Bank, with a series of target price increases and rating upgrades underscoring confidence in the bank's ability to sustain higher returns.
AGN
€6.53
Aegon
7D
-5.2%
1Y
13.6%

AGN: US Refocus And Buyback Will Drive Attractive Upside Potential

Analysts have modestly reduced their price target on Aegon, trimming fair value by about $0.01 as they factor in a slightly higher discount rate, offset by marginally improved profit margin expectations, while keeping longer term growth and valuation multiples broadly unchanged. What's in the News Aegon launches a strategic review of its UK business, including a potential divestment, as it shifts its head office to the US and plans to rename the holding company Transamerica, sharpening its focus on the US market (company statement).
ADYEN
€1,352.00
Adyen
7D
1.3%
1Y
-9.6%

ADYEN: Reduced Execution Risk Will Support Stronger Margin Expansion Ahead

Analysts have nudged their price expectations for Adyen higher, with the blended target rising by approximately EUR 60 to around the mid EUR 1,800s. They cite stronger net revenue growth, operating leverage from moderated hiring, and a slightly lower risk profile that supports a richer yet still reasonable earnings multiple.
INGA
€23.33
ING Groep
7D
1.6%
1Y
57.4%

INGA: Future Returns Will Depend On Sustained Profitability And Capital Return Execution

The analyst price target for ING Groep has inched higher to approximately EUR 23.30 from about EUR 23.28, as analysts factor in a slightly lower discount rate and modestly stronger long term earnings visibility. This aligns with a series of recent upward revisions to Street targets toward the mid EUR 20s.
VLK
€50.80
Van Lanschot Kempen
7D
-2.5%
1Y
15.3%

VLK: Stable Outlook Will Continue To Reflect Consistent Profitability And Risk Profile

Analysts have nudged their price target on Van Lanschot Kempen slightly higher to €56.00. This reflects a modestly increased discount rate and updated long term growth and profitability assumptions, while keeping fair value effectively unchanged.
CVC
€14.26
CVC Capital Partners
7D
2.8%
1Y
-35.2%

CVC: Index Inclusion And Higher Margins Will Drive Future Upside Potential

Analysts have modestly raised their price target on CVC Capital Partners, citing expectations for stronger revenue growth and higher profit margins that more than offset a slightly lower future P/E multiple. This has resulted in an updated fair value estimate of approximately €19.28, up from about €19.22.
NN
€64.16
NN Group
7D
1.6%
1Y
52.0%

NN: Future Outcomes Will Rely On Earnings Quality And Capital Strength

Analysts have modestly raised their price target on NN Group to approximately EUR 66.16 from about EUR 65.80, citing incremental improvements in fair value estimates and slightly more favorable discount rate and valuation assumptions, supported by recent Street research. Analyst Commentary Bullish Takeaways Bullish analysts highlight the substantial upward revision in the price target from the low 50s to the mid 60s as evidence that underlying earnings power and capital generation are tracking ahead of prior expectations.
ALLFG
€7.75
Allfunds Group
7D
-1.3%
1Y
46.4%

ALLFG: Proposed Acquisition And Stable Margins Will Likely Support Future Share Performance

Analysts have modestly raised their price target on Allfunds Group to €8.57 from €8.38, citing a slightly lower perceived risk profile, stable medium term revenue growth expectations, and resilient profit margin and valuation assumptions. What's in the News Deutsche Börse Group has entered into exclusive discussions to acquire the entire issued and to be issued share capital of Allfunds Group via a non binding proposal.
FLOW
€24.06
Flow Traders
7D
1.3%
1Y
6.7%
HAL
€138.60
HAL Trust
7D
-1.7%
1Y
21.6%

HAL Trust's (AMS:HAL) Business And Shares Still Trailing The Market

Oct 23
HAL Trust's (AMS:HAL) Business And Shares Still Trailing The Market
YOUNI
€7.50
Younited Financial
7D
-0.7%
1Y
n/a
EXO
€71.90
Exor
7D
0.07%
1Y
-20.1%
VALUE
€6.50
Value8
7D
-2.3%
1Y
14.0%
ASRNL
€59.64
ASR Nederland
7D
2.5%
1Y
33.0%
TRIO
€29.15
Triodos Bank
7D
2.2%
1Y
n/a
PBH
€2.66
PB Holding
7D
-1.5%
1Y
-11.3%