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

Dutch (AEX) Market Analysis & Valuation

UpdatedJul 04, 2026
DataAggregated Company Financials
Companies100
  • 7D3.2%
  • 3M21.6%
  • 1Y43.2%
  • YTD22.3%

Over the last 7 days, the market has risen 3.2%, driven by gains of 3.3% in the Information Technology sector. The market is up 43% over the last 12 months. As for the next few years, earnings are expected to grow by 15% per annum.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 05 Jul 2026€1.5t€541.6b€59.9b18x24.3x2.7x
Tue, 02 Jun 2026€1.3t€537.8b€61.2b18.1x22x2.5x
Thu, 30 Apr 2026€1.3t€547.3b€61.3b17.7x20.5x2.3x
Sat, 28 Mar 2026€1.2t€539.2b€60.8b15.7x19.7x2.2x
Mon, 23 Feb 2026€1.3t€527.8b€58.3b18.1x22.8x2.5x
Wed, 21 Jan 2026€1.2t€538.3b€54.7b16.7x22.1x2.2x
Fri, 19 Dec 2025€1.1t€540.9b€54.7b16.5x20.1x2x
Sun, 16 Nov 2025€1.1t€532.9b€53.5b17x20.5x2.1x
Tue, 14 Oct 2025€1.1t€535.6b€53.1b17.5x20.6x2x
Thu, 11 Sep 2025€1.0t€550.2b€67.6b16.6x15.1x1.9x
Sat, 09 Aug 2025€1.0t€545.2b€65.8b17.1x15.2x1.8x
Mon, 07 Jul 2025€1.0t€542.2b€62.0b18.5x16.6x1.9x
Wed, 04 Jun 2025€1.0t€543.8b€58.4b18.8x17.6x1.9x
Fri, 02 May 2025€961.6b€542.6b€57.6b17.7x16.7x1.8x
Sun, 30 Mar 2025€995.8b€544.6b€57.4b17.8x17.3x1.8x
Tue, 25 Feb 2025€1.1t€568.4b€57.7b18.1x18.5x1.9x
Thu, 23 Jan 2025€1.0t€565.7b€51.8b16.8x19.6x1.8x
Sat, 21 Dec 2024€988.3b€562.8b€51.6b16x19.2x1.8x
Mon, 18 Nov 2024€961.1b€561.5b€50.7b16.9x19x1.7x
Wed, 16 Oct 2024€1.0t€562.1b€52.7b18.1x19.1x1.8x
Fri, 13 Sep 2024€1.0t€567.1b€40.1b16.3x25.2x1.8x
Sun, 11 Aug 2024€1.0t€565.2b€40.3b15.4x25x1.8x
Tue, 09 Jul 2024€1.1t€561.2b€41.1b16.3x27.4x2x
Thu, 06 Jun 2024€1.1t€561.3b€44.5b17.5x25.1x2x
Sat, 04 May 2024€1.1t€561.9b€44.4b16.9x23.9x1.9x
Mon, 01 Apr 2024€1.0t€553.3b€45.5b16.6x22.8x1.9x
Wed, 28 Feb 2024€1.0t€566.2b€49.4b16.2x20.4x1.8x
Fri, 26 Jan 2024€971.3b€591.9b€60.5b16.3x16.1x1.6x
Sun, 24 Dec 2023€914.1b€594.2b€60.1b16.5x15.2x1.5x
Tue, 21 Nov 2023€874.7b€596.6b€59.3b15.7x14.8x1.5x
Thu, 19 Oct 2023€805.8b€594.0b€50.8b15.6x15.9x1.4x
Sat, 16 Sep 2023€887.7b€589.3b€51.2b17x17.3x1.5x
Mon, 14 Aug 2023€897.0b€575.4b€47.3b16.8x19x1.6x
Wed, 12 Jul 2023€900.4b€581.6b€51.9b16.8x17.4x1.5x
Price to Earnings Ratio

17.4x


Total Market Cap: €900.4bTotal Earnings: €51.9bTotal Revenue: €581.6bTotal Market Cap vs Earnings and Revenue0%0%0%
Dutch Market Price to Earnings3Y Average 19.8x202420252026
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 24.3x which is higher than its 3-year average PE of 19.8x.
Past Earnings Growth
  • The earnings for Dutch listed companies have grown 4.9% 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 Market3.18%
Materials8.06%
Real Estate3.95%
Consumer Staples3.72%
Healthcare3.50%
Tech3.29%
Financials3.18%
Industrials2.86%
Telecom0.79%
Energy0.44%
Consumer Discretionary-1.14%
Utilities-6.67%
Sector PE
  • Investors favour the Tech sector the most for future growth, which is trading above its 3-year average PE ratio of 40.3x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 18.2%, 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
ASML ASML Holding€1.63k3.6%
+€21.6b		147.9%PE62.8xTech
MT ArcelorMittal€58.6011.6%
+€4.6b		114.8%PE17.5xMaterials
INGA ING Groep€28.294.0%
+€3.1b		48.8%PB1.6xFinancials
CCEP Coca-Cola Europacific Partners€93.706.0%
+€2.3b		14.7%PE21.4xConsumer Staples
CSG CSG€14.5514.7%
+€1.9b		n/aPE17.7xIndustrials
See more

Market Insights

Header cover image
Markets are supposed to reprice risk when it changes. This time they've repriced the promise, but left the threat largely untouched. Whether that's an oversight or a fair call is worth thinking through.
Continue reading
Finding dividends that actually last

Latest News

CCEP
€93.70
Coca-Cola Europacific Partners
7D
6.0%
1Y
14.7%
SIFG
€4.13
Sif Holding
7D
-19.1%
1Y
-53.1%
ABN
€38.25
ABN AMRO Bank
7D
5.3%
1Y
57.8%
Narrative Update • Jul 02

ABN: Earnings Quality Concerns Will Constrain Upside Despite Takeover Speculation

The analyst price target for ABN AMRO Bank has been raised from €25.79 to €29.00. This reflects a shift in assumptions on growth, profitability and P/E, and echoes broader analyst revisions that reference higher price targets and potential corporate interest in the stock.
CSG
€14.55
CSG
7D
14.7%
1Y
n/a
ASML
€1,634.40
ASML Holding
7D
3.6%
1Y
147.9%
Narrative Update • Jul 02

ASML: AI And Memory Demand Will Support Backlog Despite Export And Execution Risks

ASML Holding's updated analyst fair value has moved from €1,559 to €1,687 as analysts factor in fuller order books, higher long term revenue growth and margins, and support their higher price targets with expectations for sustained wafer fab equipment demand and expanded EUV capacity into the late 2020s. Analyst Commentary Recent research on ASML Holding shows a cluster of higher valuation targets, with bullish analysts leaning on fuller order books, extended wafer fab equipment spending assumptions, and higher expected extreme ultraviolet, or EUV, capacity over the next several years.
ASM
€975.60
ASM International
7D
2.9%
1Y
91.4%
Narrative Update • Jul 02

ASM: Advanced Logic Demand And Margins Are Expected To Support Fair Value

ASM International's analyst price target has been revised higher from about €808 to roughly €1,026. Analysts point to stronger estimated revenue growth, slightly higher profit margins, a richer future P/E assumption and a wider set of potential logic customers as key drivers behind the update.
PRX
€37.00
Prosus
7D
-1.3%
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
€28.29
ING Groep
7D
4.0%
1Y
48.8%
KPN
€4.24
Koninklijke KPN
7D
-5.1%
1Y
2.8%
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.
LIGHT
€16.36
Signify
7D
-3.4%
1Y
-27.6%
MT
€58.60
ArcelorMittal
7D
11.6%
1Y
114.8%
Narrative Update • Jun 25

MT: Cloud Automation And Dividends Will Support A Balanced Medium-Term Outlook

Analysts have made a marginal upward revision to the ArcelorMittal price target to €57.76 from €57.75. This reflects refreshed assumptions for fair value, discount rate and future P/E, while revenue growth and profit margin expectations remain broadly unchanged.
DSFIR
€85.00
DSM-Firmenich
7D
6.3%
1Y
-5.4%
Narrative Update • Jun 24

DSFIR: Share Buyback And New Listing Plan Will Shape Future Re Rating

The updated analyst price target for DSM-Firmenich now sits at €79.37, a marginal adjustment from €79.82. This reflects a blend of more cautious discounting and slightly revised assumptions on revenue growth, profitability, and future P/E as analysts react to recent mixed target changes across the Street.
NN
€75.94
NN Group
7D
-0.5%
1Y
35.8%
Narrative Update • Jun 24

NN: Future Returns Will Rely On Margin Delivery And Stable P/E Expectations

Analysts have made a small reduction in the fair value estimate for NN Group to €73.90 from €73.91, while also pointing to a higher Street price target of €72. This reflects updated discount rate assumptions and a modestly lower future P/E input.
HEIJM
€111.90
Koninklijke Heijmans
7D
-2.7%
1Y
115.4%
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
€273.10
BE Semiconductor Industries
7D
-3.4%
1Y
125.6%
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.
BNJ
€8.42
Banijay Group
7D
-0.9%
1Y
0.2%
New Narrative • Jun 01

Sports Betting And Live Experiences Will Shape Steady Future Performance Despite Event Volatility

Catalysts About Banijay Group Banijay Group operates a diversified media and entertainment business across sports betting and gaming, content production and distribution, and live experiences. What are the underlying business or industry changes driving this perspective?