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

Dutch (AEX) Market Analysis & Valuation

UpdatedMar 11, 2026
DataAggregated Company Financials
Companies100
  • 7D1.9%
  • 3M9.4%
  • 1Y25.4%
  • YTD5.2%

Over the last 7 days, the market has dropped 4.4%, driven by a decline of 5.3% in the Information Technology sector. As for the longer term, the market has actually risen by 20% in the last year. Looking forward, 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
Wed, 11 Mar 2026€1.3t€538.0b€60.6b16.7x21.2x2.4x
Fri, 06 Feb 2026€1.2t€539.7b€56.6b17x22x2.3x
Sun, 04 Jan 2026€1.1t€540.9b€54.7b16.9x21x2.1x
Tue, 02 Dec 2025€1.1t€533.5b€54.3b17x20.3x2.1x
Thu, 30 Oct 2025€1.1t€531.6b€53.1b16.9x21.1x2.1x
Sat, 27 Sep 2025€1.1t€534.8b€52.9b16.9x20.2x2x
Mon, 25 Aug 2025€1.0t€549.0b€66.7b16.5x15.4x1.9x
Wed, 23 Jul 2025€1.0t€543.7b€62.7b18.6x16.2x1.9x
Fri, 20 Jun 2025€1.0t€543.5b€58.3b17.9x17.4x1.9x
Sun, 18 May 2025€1.0t€545.0b€58.6b18.8x17.8x1.9x
Tue, 15 Apr 2025€926.1b€541.1b€57.1b16.4x16.2x1.7x
Thu, 13 Mar 2025€1.0t€561.5b€58.2b17.7x17.4x1.8x
Sat, 08 Feb 2025€1.0t€572.7b€57.9b17x17.7x1.8x
Mon, 06 Jan 2025€988.6b€563.6b€51.7b16.3x19.1x1.8x
Wed, 04 Dec 2024€991.3b€561.6b€50.6b16.9x19.6x1.8x
Fri, 01 Nov 2024€979.9b€560.3b€50.9b17.6x19.2x1.7x
Sun, 29 Sep 2024€1.1t€560.3b€52.6b17.7x20.1x1.9x
Tue, 27 Aug 2024€1.0t€566.3b€40.0b15.6x26x1.8x
Thu, 25 Jul 2024€1.1t€560.1b€40.8b16.2x25.9x1.9x
Sat, 22 Jun 2024€1.1t€562.6b€44.7b17.2x25x2x
Mon, 20 May 2024€1.1t€561.4b€44.5b18.5x24.7x2x
Wed, 17 Apr 2024€1.0t€567.5b€46.0b16.6x22.8x1.8x
Fri, 15 Mar 2024€1.0t€562.7b€45.6b16.7x22.2x1.8x
Sun, 11 Feb 2024€1.0t€568.2b€49.7b16x20.3x1.8x
Tue, 09 Jan 2024€899.7b€590.1b€60.1b16.3x15x1.5x
Thu, 07 Dec 2023€894.9b€598.1b€60.5b15.6x14.8x1.5x
Sat, 04 Nov 2023€839.5b€602.2b€60.2b15.5x13.9x1.4x
Mon, 02 Oct 2023€824.1b€592.7b€50.4b16.8x16.4x1.4x
Wed, 30 Aug 2023€913.6b€573.3b€46.6b17.3x19.6x1.6x
Fri, 28 Jul 2023€955.2b€584.1b€55.7b17.2x17.1x1.6x
Sun, 25 Jun 2023€891.2b€583.9b€48.1b16.8x18.5x1.5x
Tue, 23 May 2023€917.0b€576.2b€47.7b17.2x19.2x1.6x
Thu, 20 Apr 2023€884.8b€531.0b€49.9b17x17.7x1.7x
Sat, 18 Mar 2023€863.3b€567.1b€50.9b15.7x17x1.5x
Price to Earnings Ratio

17x


Total Market Cap: €863.3bTotal Earnings: €50.9bTotal Revenue: €567.1bTotal 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 5.9% 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 Market1.89%
Consumer Discretionary13.65%
Energy5.29%
Tech3.11%
Financials0.63%
Industrials0.32%
Utilities0%0
Real Estate-1.40%
Consumer Staples-1.71%
Healthcare-2.13%
Materials-2.27%
Telecom-3.99%
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.
    • Analysts are expecting annual earnings growth of 16.2%, which is lower than the prior year's growth of 26.9% per year.
  • The Energy sector is the least preferred by investors for future growth, which is trading below its 3-year average of 12.4x.
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€1.20k3.3%
+€14.7b		89.9%PE48.1xTech
PRX Prosus€46.6514.0%
+€13.4b		9.2%PE9.4xConsumer Discretionary
INGA ING Groep€23.412.3%
+€1.5b		28.6%PB1.2xFinancials
ASM ASM International€708.603.8%
+€1.3b		66.2%PE47.9xTech
CSG CSG€30.262.0%
+€600.0m		n/aPE51.8xIndustrials
See more

Market Insights

Header cover image
What the next 25 years will look like 🔮
Richard Bowman avatar
Richard Bowman
The first 25 years of this century were shaped by a few notable themes: China, Tech, and low interest rates. Let's now look at the themes shaping the next quarter of the century.
Continue reading
Three contrarian investing ideas for a new market

Latest News

MT
€49.46
ArcelorMittal
7D
-1.8%
1Y
72.3%
ASML
€1,200.00
ASML Holding
7D
3.3%
1Y
89.9%
BESI
€174.60
BE Semiconductor Industries
7D
-3.7%
1Y
78.7%

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
€17.65
Universal Music Group
7D
-6.1%
1Y
-34.6%

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
€708.60
ASM International
7D
3.8%
1Y
66.2%
INGA
€23.41
ING Groep
7D
2.3%
1Y
28.6%

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.
CCEP
€88.20
Coca-Cola Europacific Partners
7D
-2.1%
1Y
16.5%
PHIA
€25.02
Koninklijke Philips
7D
-2.6%
1Y
3.0%
HEIA
€71.14
Heineken
7D
-4.3%
1Y
-10.5%
SBMO
€33.14
SBM Offshore
7D
5.7%
1Y
70.5%

SBMO: Higher Multiple Assumptions And Buyback Will Shape Returns

Analysts have lifted their price target on SBM Offshore by €8.12 to €31.95, citing updated assumptions on discount rates, revenue expectations, margins and future P/E that are broadly in line with recent positive research actions from major banks. Analyst Commentary Recent research around SBM Offshore has centred on how current assumptions for discount rates, revenue and margins stack up against the latest valuation work.
CSG
€30.26
CSG
7D
2.0%
1Y
n/a
AD
€41.25
Koninklijke Ahold Delhaize
7D
1.6%
1Y
21.8%

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.
ABN
€27.87
ABN AMRO Bank
7D
2.4%
1Y
47.3%

ABN: Elevated P/E Will Face Test From Net Interest Income Uncertainty

The analyst price target for ABN AMRO Bank has been raised from €21.98 to €23.45 as analysts factor in updated assumptions on revenue growth, profit margins and future P/E, alongside recent research that points to upside potential in net interest income and generally more constructive coverage of the shares. Analyst Commentary Street research around ABN AMRO Bank has become more active, with several firms updating views and price targets based on refreshed assumptions for earnings, net interest income and valuation multiples.
AKZA
€52.54
Akzo Nobel
7D
-5.3%
1Y
-13.2%
HEIO
€66.50
Heineken Holding
7D
-4.2%
1Y
-3.1%
PRX
€46.65
Prosus
7D
14.0%
1Y
9.2%

PRX: Higher Profitability Assumptions Will Support A Narrower Holding Discount

Analysts have trimmed their Prosus price target slightly from €80.00 to about €79.99, reflecting updated assumptions on discount rate, revenue growth, profit margin and future P/E. These changes keep the valuation broadly in line with prior expectations.