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

Dutch (AEX) Market Analysis & Valuation

UpdatedFeb 25, 2026
DataAggregated Company Financials
Companies101
  • 7D2.6%
  • 3M14.3%
  • 1Y23.1%
  • YTD8.9%

The market has climbed 2.6% in the last 7 days, lead by the Information Technology sector with a gain of 5.3%. In the last year, the market has climbed 23%. As for the next few years, earnings are expected to grow by 13% per annum.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 25 Feb 2026€1.3t€519.3b€58.6b17.8x22.7x2.6x
Fri, 23 Jan 2026€1.2t€538.3b€54.7b17.2x22.7x2.3x
Sun, 21 Dec 2025€1.1t€541.0b€54.7b16.6x20.2x2x
Tue, 18 Nov 2025€1.1t€533.0b€53.5b16.6x20.4x2x
Thu, 16 Oct 2025€1.1t€535.3b€53.1b17.5x20.8x2.1x
Sat, 13 Sep 2025€1.0t€550.0b€67.6b16.7x15.2x1.9x
Mon, 11 Aug 2025€1.0t€545.5b€65.7b17.1x15.2x1.8x
Wed, 09 Jul 2025€1.0t€542.5b€62.0b18.7x16.8x1.9x
Fri, 06 Jun 2025€1.0t€543.4b€58.3b19.1x17.9x1.9x
Sun, 04 May 2025€989.2b€542.4b€57.6b17.8x17.2x1.8x
Tue, 01 Apr 2025€976.9b€544.5b€57.5b17.5x17x1.8x
Thu, 27 Feb 2025€1.1t€566.7b€59.0b18x18.1x1.9x
Sat, 25 Jan 2025€1.0t€565.1b€51.7b16.8x19.4x1.8x
Mon, 23 Dec 2024€988.3b€562.7b€51.6b16x19.2x1.8x
Wed, 20 Nov 2024€955.0b€561.1b€50.7b16.8x18.9x1.7x
Fri, 18 Oct 2024€994.1b€563.3b€52.8b18.1x18.8x1.8x
Sun, 15 Sep 2024€1.0t€567.1b€40.1b16.5x25.4x1.8x
Tue, 13 Aug 2024€1.0t€564.9b€40.3b15.4x25x1.8x
Thu, 11 Jul 2024€1.1t€561.2b€41.1b16.3x27.5x2x
Sat, 08 Jun 2024€1.1t€561.7b€44.5b17.6x25.2x2x
Mon, 06 May 2024€1.1t€561.8b€44.5b16.9x23.9x1.9x
Wed, 03 Apr 2024€1.0t€553.5b€45.5b16.5x22.7x1.9x
Fri, 01 Mar 2024€1.0t€566.5b€50.0b16.3x20.1x1.8x
Sun, 28 Jan 2024€968.2b€592.4b€60.8b16.5x15.9x1.6x
Tue, 26 Dec 2023€914.1b€594.2b€60.1b16.5x15.2x1.5x
Thu, 23 Nov 2023€875.7b€597.2b€59.4b15.7x14.8x1.5x
Sat, 21 Oct 2023€790.4b€593.5b€51.0b15.4x15.5x1.3x
Mon, 18 Sep 2023€879.1b€591.9b€50.1b17x17.5x1.5x
Wed, 16 Aug 2023€890.0b€575.5b€47.3b16.9x18.8x1.5x
Fri, 14 Jul 2023€930.8b€579.8b€51.5b16.9x18.1x1.6x
Sun, 11 Jun 2023€910.8b€587.0b€48.4b16.8x18.8x1.6x
Tue, 09 May 2023€871.6b€569.7b€46.3b17.3x18.8x1.5x
Thu, 06 Apr 2023€889.4b€564.8b€50.5b16.1x17.6x1.6x
Sat, 04 Mar 2023€902.7b€556.1b€45.3b16.1x19.9x1.6x
Price to Earnings Ratio

19.9x


Total Market Cap: €902.7bTotal Earnings: €45.3bTotal Revenue: €556.1bTotal Market Cap vs Earnings and Revenue0%0%0%
Dutch Market Price to Earnings3Y Average 19.4x202420252026
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 22.7x which is higher than its 3-year average PE of 19.4x.
Past Earnings Growth
  • The earnings for Dutch listed companies have grown 9.0% 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 Market2.65%
Tech5.28%
Consumer Staples2.71%
Materials2.49%
Healthcare1.76%
Consumer Discretionary1.69%
Energy1.59%
Financials0.026%
Real Estate0.0013%
Utilities0%0
Industrials-0.16%
Telecom-1.78%
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 Real Estate sector is the least preferred by investors for future growth, which is trading below its 3-year average of 10.9x.
Forecasted Growth
  • Analysts are most optimistic on the Materials sector, expecting annual earnings growth of 19% over the next 5 years.
  • This is better than its past earnings decline of 0.5% per year.
  • In contrast, the Energy industry is expected to see its earnings growth to stay flat 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€1.26k5.4%
+€24.8b		81.1%PE50.8xTech
PRX Prosus€44.001.7%
+€1.7b		4.2%PE9xConsumer Discretionary
MT ArcelorMittal€55.944.2%
+€1.7b		110.8%PE15.9xMaterials
CCEP Coca-Cola Europacific Partners€91.404.1%
+€1.6b		9.5%PE21.1xConsumer Staples
AD Koninklijke Ahold Delhaize€41.334.2%
+€1.5b		19.1%PE16.2xConsumer Staples
See more

Market Insights

Header cover image
Alternatives part 2: 2026 and beyond 🔭
Richard Bowman avatar
Richard Bowman
|
|
Deep dive into the exciting world of Private Equity, Real Estate, Private Credit, Infrastructure & Transport and Hedge Funds.
Continue reading
Dotcom Bubble vs. Now 🫧
Last Week

Dotcom Bubble vs. Now 🫧

Latest News

AGN
€6.32
Aegon
7D
-4.5%
1Y
6.5%
CVC
€11.90
CVC Capital Partners
7D
-4.4%
1Y
-47.3%
ARCAD
€27.36
Arcadis
7D
-22.1%
1Y
-44.1%
UMG
€18.62
Universal Music Group
7D
-4.3%
1Y
-33.0%

UMG: AI Partnerships And Catalog Monetisation Will Support Higher Future Earnings

Analysts have nudged their price target for Universal Music Group slightly lower to about €38.14 from roughly €38.19, reflecting updated assumptions around growth, profitability and the P/E multiple after a series of recent bullish research calls and upgrades on the stock. Analyst Commentary Recent Street research has leaned positive, with several bullish analysts updating their views on Universal Music Group and revisiting their assumptions on growth, profitability and valuation multiples.
IMCD
€80.46
IMCD
7D
-9.5%
1Y
-44.3%
MT
€55.94
ArcelorMittal
7D
4.2%
1Y
110.8%

MT: Steel Cycle Resilience And Capital Returns Will Support Balanced Outlook

Analysts have lifted their ArcelorMittal price target from about €47.02 to roughly €51.04, citing updated assumptions around the discount rate, revenue growth, profit margin and future P/E that collectively support a higher assessed value. What's in the News ArcelorMittal plans to build a 2 million tonne electric arc furnace at its Dunkirk site in France.
ASML
€1,263.40
ASML Holding
7D
5.4%
1Y
81.1%

ASML: Future WFE Spending And AI Demand Will Drive Upside

We are lifting our ASML Holding analyst price target to €1,397.71 from €1,207.41. This change reflects analysts' updated assumptions for higher revenue growth, stronger profit margins, and a modestly different discount rate, supported by a broad wave of recent target increases and upgrades across major brokerages.
CCEP
€91.40
Coca-Cola Europacific Partners
7D
4.1%
1Y
9.5%
AD
€41.33
Koninklijke Ahold Delhaize
7D
4.2%
1Y
19.1%

AD: Share Buybacks And Resilient Cash Generation Will Support Future Upside

Analysts have nudged their fair value estimate for Koninklijke Ahold Delhaize up from €43.00 to €45.00. This reflects recent mixed but generally supportive price target updates around €38.60 from the Street.
RAND
€26.66
Randstad
7D
-3.3%
1Y
-29.6%

RAND: Future Upside Will Depend On Resilient Earnings Through Prolonged Sector Headwinds

Analysts have trimmed their consolidated price target on Randstad by around €1.36 per share, citing updated fair value estimates, a slightly higher discount rate, and recent research pointing to ongoing cyclical and structural headwinds for earnings. Analyst Commentary Recent research has centered on how cyclical weakness and structural challenges could affect Randstad's earnings profile and what that implies for fair value.
ADYEN
€932.50
Adyen
7D
-2.5%
1Y
-46.0%
ABN
€28.21
ABN AMRO Bank
7D
-1.4%
1Y
56.7%

ABN: Future Earnings Delivery Will Test Bullish P E Assumptions

Narrative Update: ABN AMRO Bank Analyst Price Target Shift The analyst fair value estimate for ABN AMRO Bank has moved from €18.50 to about €21.98, as analysts adjust their models to reflect updated revenue assumptions, a slightly higher discount rate and a revised future P/E outlook highlighted in recent positive research coverage. Analyst Commentary Recent research coverage on ABN AMRO Bank combines constructive long term views with a more measured tone on execution and valuation.
ASM
€717.60
ASM International
7D
3.9%
1Y
30.4%

ASM: Higher P/E Will Be Supported By New Almere R&D Hub

The analyst price target for ASM International in our model has shifted from €800 to €900. This reflects updated Street research in which several banks have raised their targets and cited higher expected revenue growth, slightly stronger profit margins, and a higher future P/E, even though the discount rate used in valuations has also moved up.
PRX
€44.00
Prosus
7D
1.7%
1Y
4.2%

PRX: Higher Future P/E Assumptions Will Drive Bullish Repricing

Analysts have lifted their fair value estimate for Prosus to €54.00 from €46.69, reflecting recent upward revisions to Street price targets, including moves to €74.00 and €69.00, along with updated assumptions for the discount rate, revenue growth, profit margin, and future P/E. Analyst Commentary The recent fair value lift to €54.00 sits against a backdrop of mixed Street commentary.
CSG
€30.12
CSG
7D
4.2%
1Y
n/a
HAL
€174.60
HAL Trust
7D
7.0%
1Y
49.0%