Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

Dutch (AEX) Market Analysis & Valuation

UpdatedMar 15, 2026
DataAggregated Company Financials
Companies100
  • 7D1.6%
  • 3M7.7%
  • 1Y21.7%
  • YTD3.7%

The market is up 1.6% over the last week, with the Information Technology sector leading the way, up 3.1%. In contrast, the Industrials sector is lagging, dropping 3.3%. In the last year, the market has climbed 22%. Earnings are forecast to grow by 13% annually.

Market Valuation and Performance

Has the Dutch Market valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 15 Mar 2026€1.3t€539.5b€61.1b16.4x20.7x2.3x
Tue, 10 Feb 2026€1.3t€545.2b€57.6b17.3x22.1x2.3x
Thu, 08 Jan 2026€1.2t€541.0b€54.8b16.9x21.6x2.2x
Sat, 06 Dec 2025€1.1t€533.4b€54.2b17x20.4x2.1x
Mon, 03 Nov 2025€1.1t€532.4b€53.7b17x20.8x2.1x
Wed, 01 Oct 2025€1.1t€534.6b€52.9b17.1x20.5x2x
Fri, 29 Aug 2025€1.0t€549.2b€66.7b16.7x15.2x1.9x
Sun, 27 Jul 2025€1.0t€543.9b€62.5b18.9x16.3x1.9x
Tue, 24 Jun 2025€1.0t€543.3b€62.2b18.1x16.5x1.9x
Thu, 22 May 2025€1.0t€544.0b€58.4b19.1x17.9x1.9x
Sat, 19 Apr 2025€926.7b€543.4b€58.2b15.6x15.9x1.7x
Mon, 17 Mar 2025€1.0t€567.4b€58.1b18.3x17.5x1.8x
Wed, 12 Feb 2025€1.0t€572.6b€57.8b17.2x18x1.8x
Fri, 10 Jan 2025€1.0t€566.5b€51.8b16.1x19.4x1.8x
Sun, 08 Dec 2024€1.0t€561.8b€51.5b17.4x19.5x1.8x
Tue, 05 Nov 2024€967.0b€560.3b€50.9b17.6x19x1.7x
Thu, 03 Oct 2024€1.0t€560.9b€52.6b17.5x19.8x1.9x
Sat, 31 Aug 2024€1.1t€567.0b€40.1b16.6x26.4x1.9x
Mon, 29 Jul 2024€1.0t€561.9b€41.5b16.5x25x1.8x
Wed, 26 Jun 2024€1.1t€561.9b€41.2b17.3x27x2x
Fri, 24 May 2024€1.1t€561.8b€44.5b17.4x24.8x2x
Sun, 21 Apr 2024€1.0t€565.9b€45.2b16.1x22.1x1.8x
Tue, 19 Mar 2024€1.0t€547.2b€46.3b16.1x21.7x1.8x
Thu, 15 Feb 2024€991.0b€568.6b€49.7b15.8x19.9x1.7x
Sat, 13 Jan 2024€903.9b€590.3b€60.1b16.4x15x1.5x
Mon, 11 Dec 2023€902.7b€598.3b€60.5b15.7x14.9x1.5x
Wed, 08 Nov 2023€836.8b€602.6b€60.3b15.5x13.9x1.4x
Fri, 06 Oct 2023€814.3b€593.1b€50.4b15.8x16.1x1.4x
Sun, 03 Sep 2023€908.8b€588.3b€49.2b17.2x18.5x1.5x
Tue, 01 Aug 2023€938.8b€582.6b€53.6b16.4x17.5x1.6x
Thu, 29 Jun 2023€898.8b€582.3b€52.0b16.9x17.3x1.5x
Sat, 27 May 2023€911.8b€577.0b€47.7b16.9x19.1x1.6x
Mon, 24 Apr 2023€881.1b€575.8b€49.7b17.2x17.7x1.5x
Wed, 22 Mar 2023€738.2b€546.8b€44.8b15.7x16.5x1.3x
Price to Earnings Ratio

16.5x


Total Market Cap: €738.2bTotal Earnings: €44.8bTotal Revenue: €546.8bTotal Market Cap vs Earnings and Revenue0%0%0%
Dutch Market Price to Earnings3Y Average 19.4x202420252026
Current Market PE
  • Investors are relatively neutral on the Dutch market at the moment, indicating that they expect earnings will grow in line with historical growth rates.
  • The market is trading close to its 3-year average PE ratio of 19.4x.
Past Earnings Growth
  • The earnings for Dutch listed companies have grown 11% per year over the last three years, while revenues have remained steady.
  • This means that companies overall are more efficiently conducting business since profits are increasing while sales have been flat.

Sector Trends

Which sectors have driven the changes within the Dutch Market?

NL Market1.55%
Consumer Discretionary10.78%
Energy3.90%
Tech3.12%
Telecom2.05%
Consumer Staples1.04%
Utilities0%0
Financials-1.02%
Healthcare-1.99%
Industrials-3.27%
Materials-3.71%
Real Estate-6.17%
Sector PE
  • Investors favour the Tech sector the most for future growth, which is trading above its 3-year average PE ratio of 38.8x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 16.2%, which is higher than its past year's earnings growth of 5.5% per year.
  • The Energy sector is the least preferred by investors for future growth, which is trading below its 3-year average of 12.3x.
Forecasted Growth
  • Analysts are most optimistic on the Materials sector, expecting annual earnings growth of 20% over the next 5 years.
  • This is roughly in line with its past earnings growth rate.
  • In contrast, the Energy sector is expected to see its earnings decline by 17% per year 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€1.18k2.8%
+€12.6b		79.9%PE47.3xTech
PRX Prosus€46.6211.0%
+€10.7b		7.2%PE9.3xConsumer Discretionary
BESI BE Semiconductor Industries€185.1018.4%
+€2.3b		74.5%PE111.4xTech
AD Koninklijke Ahold Delhaize€42.113.0%
+€1.1b		24.8%PE16.5xConsumer Staples
CCEP Coca-Cola Europacific Partners€88.302.2%
+€818.6m		16.3%PE20.3xConsumer Staples
See more

Market Insights

Header cover image
Why international stocks are starting to outpace the U.S.
Stella Ong avatar
Stella Ong
From Europe to Asia, global markets surged in 2025 while U.S. earnings growth became more concentrated. Early signs suggest this might continue.
Continue reading
What the next 25 years will look like 🔮

Latest News

CVC
€11.10
CVC Capital Partners
7D
-5.4%
1Y
-41.9%
ASML
€1,179.60
ASML Holding
7D
2.8%
1Y
79.9%

ASML: The Hidden Backbone of the Global AI and Semiconductor Revolution.

ASML Holding is one of the most strategically important companies in the global semiconductor industry. The company specializes in producing advanced lithography machines used to manufacture cutting-edge semiconductor chips.
PHIA
€24.41
Koninklijke Philips
7D
-2.0%
1Y
-0.2%
CCEP
€88.30
Coca-Cola Europacific Partners
7D
2.2%
1Y
16.3%

CCEP: Future Returns Will Reflect Margin Discipline And Ongoing Share Cancellations

The analyst fair value estimate for Coca-Cola Europacific Partners has been raised from €85.26 to €90.09. This reflects higher Street price targets and analyst expectations for steadier revenue and slightly stronger margins, supported by recent research citing solid results and encouraging forward indicators.
PRX
€46.62
Prosus
7D
11.0%
1Y
7.2%

PRX: Steady Fair Value And Rich Margins Will Support Bullish Repricing

Analysts now keep their Prosus price target steady at €54.00, with the unchanged view supported by slightly adjusted assumptions around discount rate, revenue growth, profit margin and future P/E that broadly balance each other out. Valuation Changes Fair Value: €54.00 remains unchanged, so the headline valuation anchor is steady.
MT
€44.73
ArcelorMittal
7D
-6.6%
1Y
51.1%
BESI
€185.10
BE Semiconductor Industries
7D
18.4%
1Y
74.5%

BESI: Future Returns Will Rely On AI Memory Upside And Buyback Support

Our updated narrative price target for BE Semiconductor Industries moves from €152.64 to €186.61, reflecting analysts' higher Street targets clustered around €140 to €204, as they factor in revised assumptions on revenue growth, profit margins and future P/E multiples. Analyst Commentary Recent Street research on BE Semiconductor Industries points to a broad reset higher in price targets, with values now ranging from around €140 to €204.
UMG
€18.16
Universal Music Group
7D
2.0%
1Y
-28.7%

UMG: AI Partnerships And Catalog Strength Will Support Future Earnings

Narrative Update: Universal Music Group The analyst price target for Universal Music Group has been adjusted to €31. This reflects updated assumptions around higher revenue growth, stronger profit margins and a lower future P/E multiple, as analysts balance upside views from recent upgrades with renewed focus on AI related risks for major labels.
ASM
€686.00
ASM International
7D
1.4%
1Y
52.7%
ADYEN
€913.60
Adyen
7D
-1.8%
1Y
-39.4%

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
€22.50
ING Groep
7D
-0.8%
1Y
21.3%

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.
CSG
€27.72
CSG
7D
-10.1%
1Y
n/a
AD
€42.11
Koninklijke Ahold Delhaize
7D
3.0%
1Y
24.8%

AD: Share Buybacks And Higher P E Assumptions Will Support Future Upside

The analyst fair value estimate for Koninklijke Ahold Delhaize has been nudged higher from €45.00 to €46.00. This change reflects recent price target revisions around €38.60 from some firms and more tempered adjustments from others, as analysts factor in updated assumptions on growth, profitability and future P/E expectations.
CTPNV
€15.70
CTP
7D
-8.2%
1Y
-5.5%
KPN
€4.86
Koninklijke KPN
7D
2.6%
1Y
29.5%
EXO
€68.20
Exor
7D
-3.3%
1Y
-23.9%