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
Wed, 17 Jun 2026	€1.4t	€538.1b	€61.3b	17.9x	23.4x	2.7x
Fri, 15 May 2026	€1.3t	€537.5b	€60.8b	17.9x	21.8x	2.5x
Sun, 12 Apr 2026	€1.3t	€546.9b	€60.6b	16.9x	21.4x	2.4x
Tue, 10 Mar 2026	€1.2t	€538.0b	€60.6b	16.5x	20.5x	2.3x
Thu, 05 Feb 2026	€1.2t	€539.7b	€56.6b	16.9x	21.9x	2.3x
Sat, 03 Jan 2026	€1.1t	€540.8b	€54.7b	16.9x	21x	2.1x
Mon, 01 Dec 2025	€1.1t	€533.6b	€54.3b	17.1x	20.2x	2.1x
Wed, 29 Oct 2025	€1.1t	€531.2b	€53.0b	16.9x	21.1x	2.1x
Fri, 26 Sep 2025	€1.1t	€535.0b	€53.0b	16.8x	20.1x	2x
Sun, 24 Aug 2025	€1.0t	€549.0b	€66.7b	16.5x	15.4x	1.9x
Tue, 22 Jul 2025	€1.0t	€544.0b	€62.7b	19x	16.4x	1.9x
Thu, 19 Jun 2025	€1.0t	€543.6b	€58.3b	18.3x	17.6x	1.9x
Sat, 17 May 2025	€1.0t	€545.0b	€58.6b	18.8x	17.8x	1.9x
Mon, 14 Apr 2025	€903.9b	€541.2b	€57.1b	16x	15.8x	1.7x
Wed, 12 Mar 2025	€1.0t	€561.2b	€58.2b	18.3x	17.2x	1.8x
Fri, 07 Feb 2025	€1.0t	€568.1b	€52.6b	17.2x	19.6x	1.8x
Sun, 05 Jan 2025	€988.6b	€563.6b	€51.7b	16.3x	19.1x	1.8x
Tue, 03 Dec 2024	€987.5b	€561.9b	€50.6b	16.8x	19.5x	1.8x
Thu, 31 Oct 2024	€979.9b	€562.7b	€52.8b	17.7x	18.5x	1.7x
Sat, 28 Sep 2024	€1.1t	€560.3b	€52.6b	17.7x	20.1x	1.9x
Mon, 26 Aug 2024	€1.0t	€566.1b	€40.0b	15.7x	26.2x	1.9x
Wed, 24 Jul 2024	€1.1t	€560.3b	€40.8b	16.3x	26x	1.9x
Fri, 21 Jun 2024	€1.1t	€562.5b	€44.6b	17.4x	25.4x	2x
Sun, 19 May 2024	€1.1t	€561.3b	€44.5b	18.9x	24.8x	2x
Tue, 16 Apr 2024	€1.0t	€567.5b	€46.0b	17.1x	22.8x	1.8x
Thu, 14 Mar 2024	€1.0t	€562.2b	€45.5b	16.8x	22.3x	1.8x
Sat, 10 Feb 2024	€1.0t	€568.0b	€49.5b	16.3x	20.4x	1.8x
Mon, 08 Jan 2024	€893.0b	€590.4b	€60.1b	16.2x	14.8x	1.5x
Wed, 06 Dec 2023	€888.8b	€598.1b	€60.5b	15.5x	14.7x	1.5x
Fri, 03 Nov 2023	€826.9b	€593.8b	€53.7b	15.7x	15.4x	1.4x
Sun, 01 Oct 2023	€824.1b	€592.7b	€50.4b	16.8x	16.4x	1.4x
Tue, 29 Aug 2023	€905.9b	€573.6b	€46.6b	17.3x	19.4x	1.6x
Thu, 27 Jul 2023	€945.4b	€583.3b	€52.0b	17.2x	18.2x	1.6x
Sat, 24 Jun 2023	€891.2b	€583.9b	€48.1b	16.8x	18.5x	1.5x

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 23.6x which is higher than its 3-year average PE of 19.7x.

Past Earnings Growth

The earnings for Dutch listed companies have grown 8.5% per year over the last three years.
Meanwhile revenues for these companies have declined 2.7% 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	3.77%
Tech	5.75%
Financials	5.17%
Materials	3.71%
Healthcare	1.65%
Consumer Staples	1.52%
Real Estate	0.93%
Telecom	0.21%
Industrials	-0.27%
Energy	-1.25%
Utilities	-1.92%
Consumer Discretionary	-2.35%

Sector PE

Investors favour the Tech sector the most for future growth, which is trading above its 3-year average PE ratio of 39.9x.

The market's confidence is likely because analysts are expecting annual earnings growth of 17.2%, 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 6.9% 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
ASML ASML Holding	€1.59k	5.5% +€31.9b	138.9%	PE61.2x	Tech
INGA ING Groep	€26.85	6.8% +€4.9b	49.9%	PB1.5x	Financials
ASM ASM International	€987.80	10.3% +€4.5b	89.7%	PE48.7x	Tech
ABN ABN AMRO Bank	€36.19	8.4% +€2.3b	58.2%	PB1.1x	Financials
MT ArcelorMittal	€59.22	5.0% +€2.1b	122.7%	PE17.9x	Materials

Adyen Announces Adyen Agentic as Universal Translator for Commerce

Adyen announced Adyen Agentic, a suite of modular APIs that enables enterprises to sell through conversational AI platforms without rebuilding their commerce systems for each new channel. Adyen Agentic introduces three layers – Agentic Feed, Agentic Cart, and Agentic Payments – that solve various stages of the customer journey in agentic commerce from product discovery to payment. Adyen Agentic is designed to be that universal translator. Merchants integrate once. Adyen translates that single integration across every agent platform, protocol, and payment method - so merchants can participate in new commerce channels without rebuilding each time the landscape shifts. The Adyen Agentic product includes: Agentic Feed: A structured product and inventory layer that distributes real time catalog, pricing, and availability data across conversational commerce environments. Agentic Cart: An orchestration layer that connects merchants' existing checkout, tax, fulfillment, and order management systems to conversational commerce platforms. Agentic Payments: A payments and fraud layer for agent led transactions, enabling authentication, token portability, merchant of record preservation, and risk management across evolving protocols. Early participants in the Adyen Agentic ecosystem include strategic partners American Express, Mastercard, Salesforce, and Visa; and enterprise retailers ESW, Scheels, Sézane, and SharkNinja. At announcement, Adyen Agentic is in limited availability for enterprise merchants operating in the U.S., with plans for global expansion to follow. Adyen Agentic is built as an open ecosystem layer rather than a closed commerce environment. The product variants are modular and merchants will be able to work with their existing e-commerce platform. Merchants retain control over customer relationships, transaction routing, payment flexibility, and business logic regardless of which platforms or protocols ultimately scale. The infrastructure is built on Adyen's existing enterprise-grade foundation: the same tokenization, authentication, and fraud capabilities that process trillions of dollars in payments annually. Adyen Agentic is fully compatible with Meta's AI checkout, with more platforms to come. This builds alongside Adyen's foundational work as an early endorser of the Universal Commerce Protocol (UCP) — which was co-developed by Google and other industry leaders — as well, as the Agent Payments Protocol (AP2) and OpenAI's Agentic Commerce Protocol (ACP).

Dutch (AEX) Market Analysis & Valuation

Market Valuation and Performance

Sector Trends

Top Stock Gainers and Losers

Market Insights

Software stocks just gave investors a masterclass

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