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Dutch (AEX) Market Analysis & Valuation

UpdatedJul 02, 2026
DataAggregated Company Financials
Companies100
  • 7D2.6%
  • 3M20.7%
  • 1Y41.2%
  • YTD21.4%

The market has climbed 2.6% in the last 7 days, lead by the Information Technology sector with a gain of 5.1%. The market is up 41% over the last 12 months. Looking forward, earnings are forecast to grow by 15% annually.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 03 Jul 2026€1.4t€542.0b€60.0b18x24.1x2.7x
Sun, 31 May 2026€1.3t€537.8b€61.2b18.1x22x2.5x
Tue, 28 Apr 2026€1.3t€547.0b€61.3b18.1x20.8x2.3x
Thu, 26 Mar 2026€1.2t€539.2b€60.8b16.4x20.5x2.3x
Sat, 21 Feb 2026€1.3t€527.4b€58.3b18.8x22.8x2.5x
Mon, 19 Jan 2026€1.2t€539.0b€54.8b17.1x22.5x2.3x
Wed, 17 Dec 2025€1.1t€540.7b€54.7b16.5x20.2x2x
Fri, 14 Nov 2025€1.1t€532.8b€53.5b17.1x20.7x2.1x
Sun, 12 Oct 2025€1.1t€535.3b€53.1b17.4x20.3x2x
Tue, 09 Sep 2025€1.0t€549.8b€67.5b16.8x15.1x1.9x
Thu, 07 Aug 2025€981.5b€544.4b€65.8b17.4x14.9x1.8x
Sat, 05 Jul 2025€1.0t€542.2b€62.0b18.5x16.6x1.9x
Mon, 02 Jun 2025€1.0t€543.9b€58.4b18.8x17.7x1.9x
Wed, 30 Apr 2025€959.3b€543.2b€57.9b17.2x16.6x1.8x
Fri, 28 Mar 2025€1.0t€544.6b€57.3b17.7x17.6x1.9x
Sun, 23 Feb 2025€1.1t€561.5b€57.7b17.9x18.5x1.9x
Tue, 21 Jan 2025€1.0t€565.8b€51.8b17x19.8x1.8x
Thu, 19 Dec 2024€1.0t€562.5b€51.5b16.2x19.6x1.8x
Sat, 16 Nov 2024€954.3b€561.6b€50.5b16.9x18.9x1.7x
Mon, 14 Oct 2024€1.1t€561.8b€52.7b18.1x19.9x1.9x
Wed, 11 Sep 2024€984.2b€567.4b€40.1b16.2x24.5x1.7x
Fri, 09 Aug 2024€1.0t€564.6b€40.3b15.4x25.1x1.8x
Sun, 07 Jul 2024€1.1t€561.1b€41.1b16.5x27.4x2x
Tue, 04 Jun 2024€1.1t€561.2b€44.5b17.7x24.5x1.9x
Thu, 02 May 2024€1.1t€564.9b€44.8b15.7x23.5x1.9x
Sat, 30 Mar 2024€1.0t€551.2b€45.5b16.6x22.8x1.9x
Mon, 26 Feb 2024€1.0t€566.3b€48.4b16.6x20.7x1.8x
Wed, 24 Jan 2024€924.6b€591.1b€60.3b16x15.3x1.6x
Fri, 22 Dec 2023€923.0b€594.4b€60.1b16.5x15.4x1.6x
Sun, 19 Nov 2023€873.5b€596.9b€59.3b15.7x14.7x1.5x
Tue, 17 Oct 2023€820.1b€592.9b€50.4b15.6x16.3x1.4x
Thu, 14 Sep 2023€877.3b€588.7b€49.2b17x17.8x1.5x
Sat, 12 Aug 2023€897.0b€575.2b€47.6b16.8x18.9x1.6x
Mon, 10 Jul 2023€898.7b€581.8b€51.9b16.5x17.3x1.5x
Price to Earnings Ratio

17.3x


Total Market Cap: €898.7bTotal Earnings: €51.9bTotal Revenue: €581.8bTotal Market Cap vs Earnings and Revenue0%0%0%
Dutch Market Price to Earnings3Y Average 19.7x202420252026
Current Market PE
  • Investors are optimistic on the Dutch market, and appear confident in strong long term growth rates.
  • The market is trading at a PE ratio of 24.1x which is higher than its 3-year average PE of 19.7x.
Past Earnings Growth
  • The earnings for Dutch listed companies have grown 5.0% per year over the last three years.
  • Meanwhile revenues for these companies have declined 2.3% per year.
  • This means that less sales are being generated overall, but since the cost of doing business is lower, profits are increasing.

Sector Trends

Which sectors have driven the changes within the Dutch Market?

NL Market2.63%
Tech5.08%
Consumer Staples1.58%
Healthcare1.52%
Financials0.89%
Real Estate0.65%
Industrials0.54%
Consumer Discretionary0.16%
Telecom0.096%
Materials-2.35%
Energy-4.39%
Utilities-8.33%
Sector PE
  • Investors favour the Tech sector the most for future growth, which is trading above its 3-year average PE ratio of 40.2x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 18.1%, which is higher than its past year's earnings growth of 15.2% per year.
Forecasted Growth
  • Analysts are most optimistic on the Materials sector, expecting annual earnings growth of 21% over the next 5 years.
  • However this is lower than its past earnings growth rate of 32% per year.
  • In contrast, the Energy sector is expected to see its earnings decline by 6.8% 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
CCEP Coca-Cola Europacific Partners€93.206.3%
+€2.4b		15.1%PE21.2xConsumer Staples
INGA ING Groep€28.232.9%
+€2.2b		47.4%PB1.6xFinancials
CSG CSG€14.4417.0%
+€2.1b		n/aPE17.6xIndustrials
HEIA Heineken€76.684.7%
+€1.9b		-0.3%PE21.9xConsumer Staples
UMG Universal Music Group€19.145.0%
+€1.7b		-28.9%PE22.9xTelecom
See more

Market Insights

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Latest News

ADYEN
€855.00
Adyen
7D
4.0%
1Y
-44.3%
CSG
€14.44
CSG
7D
17.0%
1Y
n/a
ASML
€1,577.80
ASML Holding
7D
-1.0%
1Y
133.0%
CVC
€13.21
CVC Capital Partners
7D
6.7%
1Y
-25.3%
UMG
€19.14
Universal Music Group
7D
5.0%
1Y
-28.9%
AKZA
€60.20
Akzo Nobel
7D
-1.8%
1Y
-0.5%
Narrative Update • Jun 30

AKZA: Merger With Axalta And Mixed Views Will Shape Next Phase

Akzo Nobel’s analyst price target has been lifted from about €49.30 to €55.00. Analysts cited updated revenue growth and margin assumptions, along with recent Street targets in the €55 to €61 range, as support for the higher fair value estimate.
PRX
€37.33
Prosus
7D
-1.2%
1Y
-20.4%
Narrative Update • Jun 30

PRX: Future Returns Will Depend On Narrowing The Asset Value Discount

The analyst price target for Prosus has been reduced by roughly €3 to €41.27, as analysts factor in more moderate assumptions for revenue growth and profit margins while still applying a higher future P/E multiple. Analyst Commentary Recent Street research on Prosus shows a cluster of reduced price targets, which signals that several bearish analysts are building in more conservative assumptions for valuation and execution.
INGA
€28.23
ING Groep
7D
2.9%
1Y
47.4%
SBMO
€29.96
SBM Offshore
7D
-6.0%
1Y
31.2%
KPN
€4.22
Koninklijke KPN
7D
-3.5%
1Y
3.3%
Narrative Update • Jun 26

KPN: Raised Price Views Will Face Pressure From Execution Risks

Koninklijke KPN’s analyst fair value estimate has moved from €3.05 to €3.20, with analysts citing a series of recent price target increases from major research houses as support for the higher range. Analyst Commentary Recent price target updates on Koninklijke KPN signal that many analysts remain constructive on the stock, while still flagging execution and growth risks that could matter for your return expectations and risk tolerance.
HEIA
€76.68
Heineken
7D
4.7%
1Y
-0.3%
Narrative Update • Jun 26

HEIA: CEO Transition And Share Buyback Will Shape Earnings Resilience Outlook

The analyst fair value estimate for Heineken has been raised from €64.62 to €70.00, as analysts factor in updated assumptions for revenue growth, margins and future P/E, while weighing CEO transition risks and recent shifts in external price targets that cluster around €70 to €76. Analyst Commentary Recent research on Heineken has focused heavily on leadership changes and mixed regional trends, with several high profile brokers adjusting ratings and price targets.
HEIJM
€107.60
Koninklijke Heijmans
7D
-7.2%
1Y
105.5%
Narrative Update • Jun 23

HEIJM: 2030 Revenue Ambition And 2026 Dividend Will Guide Return Profile

Analysts have raised their price target for Koninklijke Heijmans from €106.00 to €121.50, citing updated assumptions around revenue growth, profit margins and a higher future P/E multiple in their models. What’s in the News for Koninklijke Heijmans No recent company specific news items were available in the provided sources for Koninklijke Heijmans.
BESI
€262.00
BE Semiconductor Industries
7D
-9.4%
1Y
114.8%
Narrative Update • Jun 22

BESI: AI Packaging Demand And Higher Margin Targets Will Reprice Future Earnings

BE Semiconductor Industries' analyst price target has been revised higher from €345 to €401. This change reflects analysts' updated assumptions for revenue growth, profit margins, and future P/E multiples following a series of upward target moves across major banks.
ASM
€937.20
ASM International
7D
-5.4%
1Y
81.8%
AD
€36.16
Koninklijke Ahold Delhaize
7D
2.9%
1Y
1.3%
Narrative Update • Jun 18

AD: Future U S Execution And CEO Transition Will Support Upside

The analyst fair value estimate for Koninklijke Ahold Delhaize has been reduced from €47.00 to €44.00 as analysts factor in a slightly lower revenue growth outlook, modestly adjusted discount rate and P/E assumptions, and rising U.S. grocery competition alongside the leadership transition at the company. Analyst Commentary Recent Street research on Koninklijke Ahold Delhaize highlights a mix of caution around U.S. grocery trends and leadership changes, alongside targeted pockets of optimism on execution and valuation.
CCEP
€93.20
Coca-Cola Europacific Partners
7D
6.3%
1Y
15.1%
Narrative Update • Jun 15

CCEP: Pricing Power And Cost Control Will Support Future Returns

Analysts have lifted the Coca-Cola Europacific Partners price target to €110, citing the company's pricing power, ability to manage cost inflation, and perceived relative value at current levels. Analyst Commentary Bullish analysts are leaning into a constructive view on Coca-Cola Europacific Partners, pointing to the latest price target of €110 as a reflection of confidence in the company’s ability to balance pricing, costs, and earnings growth.