Dutch (AEX) Market Analysis & Valuation

Market Valuation and Performance

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

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Sun, 31 May 2026	€1.3t	€537.8b	€61.2b	18.1x	22x	2.5x
Tue, 28 Apr 2026	€1.3t	€547.0b	€61.3b	18.1x	20.8x	2.3x
Thu, 26 Mar 2026	€1.2t	€539.2b	€60.8b	16.4x	20.5x	2.3x
Sat, 21 Feb 2026	€1.3t	€527.4b	€58.3b	18.8x	22.8x	2.5x
Mon, 19 Jan 2026	€1.2t	€539.0b	€54.8b	17.1x	22.5x	2.3x
Wed, 17 Dec 2025	€1.1t	€540.7b	€54.7b	16.5x	20.2x	2x
Fri, 14 Nov 2025	€1.1t	€532.8b	€53.5b	17.1x	20.7x	2.1x
Sun, 12 Oct 2025	€1.1t	€535.3b	€53.1b	17.4x	20.3x	2x
Tue, 09 Sep 2025	€1.0t	€549.8b	€67.5b	16.8x	15.1x	1.9x
Thu, 07 Aug 2025	€981.5b	€544.4b	€65.8b	17.4x	14.9x	1.8x
Sat, 05 Jul 2025	€1.0t	€542.2b	€62.0b	18.5x	16.6x	1.9x
Mon, 02 Jun 2025	€1.0t	€543.9b	€58.4b	18.8x	17.7x	1.9x
Wed, 30 Apr 2025	€959.3b	€543.2b	€57.9b	17.2x	16.6x	1.8x
Fri, 28 Mar 2025	€1.0t	€544.6b	€57.3b	17.7x	17.6x	1.9x
Sun, 23 Feb 2025	€1.1t	€561.5b	€57.7b	17.9x	18.5x	1.9x
Tue, 21 Jan 2025	€1.0t	€565.8b	€51.8b	17x	19.8x	1.8x
Thu, 19 Dec 2024	€1.0t	€562.5b	€51.5b	16.2x	19.6x	1.8x
Sat, 16 Nov 2024	€954.3b	€561.6b	€50.5b	16.9x	18.9x	1.7x
Mon, 14 Oct 2024	€1.1t	€561.8b	€52.7b	18.1x	19.9x	1.9x
Wed, 11 Sep 2024	€984.2b	€567.4b	€40.1b	16.2x	24.5x	1.7x
Fri, 09 Aug 2024	€1.0t	€564.6b	€40.3b	15.4x	25.1x	1.8x
Sun, 07 Jul 2024	€1.1t	€561.1b	€41.1b	16.5x	27.4x	2x
Tue, 04 Jun 2024	€1.1t	€561.2b	€44.5b	17.7x	24.5x	1.9x
Thu, 02 May 2024	€1.1t	€564.9b	€44.8b	15.7x	23.5x	1.9x
Sat, 30 Mar 2024	€1.0t	€551.2b	€45.5b	16.6x	22.8x	1.9x
Mon, 26 Feb 2024	€1.0t	€566.3b	€48.4b	16.6x	20.7x	1.8x
Wed, 24 Jan 2024	€924.6b	€591.1b	€60.3b	16x	15.3x	1.6x
Fri, 22 Dec 2023	€923.0b	€594.4b	€60.1b	16.5x	15.4x	1.6x
Sun, 19 Nov 2023	€873.5b	€596.9b	€59.3b	15.7x	14.7x	1.5x
Tue, 17 Oct 2023	€820.1b	€592.9b	€50.4b	15.6x	16.3x	1.4x
Thu, 14 Sep 2023	€877.3b	€588.7b	€49.2b	17x	17.8x	1.5x
Sat, 12 Aug 2023	€897.0b	€575.2b	€47.6b	16.8x	18.9x	1.6x
Mon, 10 Jul 2023	€898.7b	€581.8b	€51.9b	16.5x	17.3x	1.5x
Wed, 07 Jun 2023	€914.9b	€585.6b	€48.3b	16.9x	18.9x	1.6x

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 22.0x which is higher than its 3-year average PE of 19.6x.

Past Earnings Growth

The earnings for Dutch listed companies have grown 8.2% per year over the last three years.
Meanwhile revenues for these companies have declined 2.8% 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 Market	-0.85%
Materials	6.06%
Real Estate	1.91%
Consumer Discretionary	-0.029%
Industrials	-0.31%
Financials	-0.71%
Tech	-1.40%
Healthcare	-1.65%
Consumer Staples	-2.13%
Telecom	-3.99%
Energy	-4.04%
Utilities	-12.50%

Sector PE

Investors favour the Tech sector the most for future growth, which is trading above its 3-year average PE ratio of 39.6x.

The market's confidence is likely because analysts are expecting annual earnings growth of 16.8%, 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 8.2% 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	Sector
AKZA Akzo Nobel	€65.66	26.6% +€2.4b	9.5%	PE18.1x	Materials
MT ArcelorMittal	€59.32	4.5% +€1.9b	122.0%	PE18x	Materials
BESI BE Semiconductor Industries	€284.40	3.9% +€855.1m	166.9%	PE148.4x	Tech
CVC CVC Capital Partners	€13.74	5.4% +€735.8m	-16.1%	PE12.2x	Financials
INGA ING Groep	€26.70	1.0% +€712.8m	42.9%	PB1.5x	Financials

Company

Last Price

Valuation

Sector

AKZA Akzo Nobel

€65.66

26.6%
+€2.4b

9.5%

PE18.1x

Materials

MT ArcelorMittal

€59.32

4.5%
+€1.9b

122.0%

PE18x

Materials

BESI BE Semiconductor Industries

€284.40

3.9%
+€855.1m

166.9%

PE148.4x

Tech

CVC CVC Capital Partners

€13.74

5.4%
+€735.8m

-16.1%

PE12.2x

Financials

INGA ING Groep

€26.70

1.0%
+€712.8m

42.9%

PB1.5x

Financials

Pershing Square Capital Management, L.P. cancelled the acquisition of remaining 90% stake in Universal Music Group N.V. (ENXTAM:UMG) from Bolloré SE (ENXTPA:BOL), Vivendi SE (ENXTPA:VIV) and others.

Pershing Square Capital Management, L.P. signed a non-binding proposal to acquire remaining 90% stake in Universal Music Group N.V. (ENXTAM:UMG) from Bolloré SE (ENXTPA:BOL), Vivendi SE (ENXTPA:VIV) and others for €50.2 billion on April 7, 2026. A cash consideration valued at €5.05 per share will be paid by Pershing Square Capital Management, L.P. As part of consideration, Universal Music Group N.V.'s shareholders will receive a total of €9.4 billion in cash and 0.77 shares of New UMG stock for each share of UMG held estimated to be worth €30.40 per share. Alternatively, shareholders may elect to receive all cash, all stock, or a mix of stock and cash consideration, subject to proration. Upon completion, Pershing Square Capital Management, L.P. will own 100% stake in Universal Music Group N.V. UMG will merge with Pershing Square and the newly merged company will become a Nevada corporation (“New UMG”), listed on the New York Stock Exchange. New UMG will publish financial statements under U.S. GAAP and be eligible for S&P 500 and other index inclusion. The Transaction will enable the cancellation of 17% of UMG outstanding shares while preserving the company’s investment grade balance sheet and its long-term financial and strategic flexibility. New UMG will have 1.541 billion shares outstanding. The cash portion of the consideration will be funded with €2.5 billion from Pershing Square including €1.05 billion from SPARC’s rights holders, €5.4 billion in additional investment grade debt financing at New UMG (resulting in total debt of no more than 2.5 times Net Debt to Adjusted EBITDA) and €1.5 billion of net proceeds from the monetization of the company’s stake in Spotify, after taxes and net of the artists’ share of Spotify proceeds. All Transaction equity financing will be backstopped by Pershing Square and affiliates, and all debt financing will be committed at signing. As part of the Transaction, UMG’s board will be refreshed to include Michael Ovitz as Chairman and two representatives from Pershing Square in addition to members from the current UMG board. The Transaction will be subject to only a limited number of customary closing conditions, which include: (1) approval of UMG’s and SPARC’s boards of directors, (2) a two-thirds vote in favor of the Transaction by UMG shareholders in attendance at a meeting, and (3) required regulatory approvals. SPARC common stock is currently 100% owned by Pershing Square who will vote to support the Transaction. The Transaction will also be subject to a new employment contract and compensation arrangement for Lucian Grainge and the creation of a new board of directors for New UMG that will include Michael Ovitz as Chairman and two Pershing Square affiliates in addition to members from the current UMG board. The transaction is expected to close by year-end 2026. Sullivan & Cromwell LLP acted as legal advisor for Pershing Square Capital Management, L.P. Richard Brand of White & Case LLP acted as legal advisor for Pershing Square Capital Management, L.P. Stibbe N.V. acted as legal advisor for Pershing Square Capital Management, L.P. Jefferies LLC acted as financial advisor for Pershing Square Capital Management, L.P. Citibank, N.A., Investment Banking Arm acted as financial advisor, Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal advisor to UMG Board of Directors. De Brauw Blackstone Westbroek N.V. acted as legal advisor to UMG Board of Directors. Pershing Square Capital Management, L.P. cancelled the acquisition of remaining 90% stake in Universal Music Group N.V. (ENXTAM:UMG) from Bolloré SE (ENXTPA:BOL), Vivendi SE (ENXTPA:VIV) and others on May 29, 2026. After careful review with the assistance of outside financial and legal advisors, the Board has rejected the proposal because it fundamentally and materially undervalues UMG and will not deliver superior value creation. The Board has heard from many of UMG’s shareholders and other stakeholders and believes there is a strong consensus supporting the Board’s decision.

Dutch (AEX) Market Analysis & Valuation

Market Valuation and Performance

Sector Trends

Top Stock Gainers and Losers

Market Insights

Land of the rising yields 📈

Latest News

Pershing Square Capital Management, L.P. cancelled the acquisition of remaining 90% stake in Universal Music Group N.V. (ENXTAM:UMG) from Bolloré SE (ENXTPA:BOL), Vivendi SE (ENXTPA:VIV) and others.

Energy Infrastructure And Housing Constraints Will Limit Future Earnings Momentum

Nippon Paint Holdings Co., Ltd. (TSE:4612) and The Sherwin-Williams Company (NYSE:SHW) cancelled the acquisition of Akzo Nobel N.V. (ENXTAM:AKZA) for €12.5 billion.

HEIA: Latin American Execution And New Leadership Will Support Future Rerating

Energy Transition And Housing Bottlenecks Will Constrain Future Margins And Earnings Potential

Rising Pension Exposure And Execution Risks Will Pressure Long Term Earnings Quality

CSG represents a high-quality industrial compounder operating in a structurally growing and geopolitically reinforced market,

ADYEN: Mixed Price Views And New Partnerships Will Shape A Measured Outlook

ASML Sees Major Investment and Price Target Hike as Chip Advances Face Global Competition

ING Groep Target Raised to €30 as Q1 Profit Beats Expectations and Outlook Reaffirmed

MT: Dividend Strength And Capital Returns Will Support Balanced Future Outlook

CVC Consortium Targets €11 Billion Recordati Buyout With Premium Offer and Rare Disease Focus

CTP N.V. Approves Final Dividend for the Financial Year 2025, Payable on June 12, 2026

BESI: Takeover Interest And AI Packaging Cycle May Reprice Future Earnings

Coca-Cola Europacific Shareholders Weigh €1b Buyback and Rule 9 Waiver at AGM

KPN Completes €250 Million Share Buyback With Over 54 Million Shares Repurchased