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Dutch (AEX) Market Analysis & Valuation

UpdatedApr 14, 2026
DataAggregated Company Financials
Companies100
  • 7D5.2%
  • 3M2.4%
  • 1Y37.9%
  • YTD6.3%

The market is up 5.2% over the last week, with the Information Technology sector leading the way, up 8.6%. The market is up 38% over the last 12 months. Looking forward, earnings are forecast to grow by 14% annually.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 15 Apr 2026€1.3t€546.7b€60.5b17.1x21.4x2.4x
Fri, 13 Mar 2026€1.3t€538.8b€60.9b16.6x20.7x2.3x
Sun, 08 Feb 2026€1.3t€539.6b€57.1b17.2x22.2x2.3x
Tue, 06 Jan 2026€1.2t€540.9b€54.7b17.1x21.6x2.2x
Thu, 04 Dec 2025€1.1t€533.2b€54.2b16.7x20.5x2.1x
Sat, 01 Nov 2025€1.1t€532.4b€53.7b16.4x20.8x2.1x
Mon, 29 Sep 2025€1.1t€534.8b€53.0b16.9x20.2x2x
Wed, 27 Aug 2025€1.0t€549.4b€66.8b16.2x15.3x1.9x
Fri, 25 Jul 2025€1.0t€543.5b€62.7b19x16.4x1.9x
Sun, 22 Jun 2025€1.0t€543.4b€58.3b18x17.4x1.9x
Tue, 20 May 2025€1.0t€544.5b€58.5b18.9x17.8x1.9x
Thu, 17 Apr 2025€932.9b€543.4b€58.2b16x16x1.7x
Sat, 15 Mar 2025€1.0t€567.4b€58.1b18.3x17.5x1.8x
Mon, 10 Feb 2025€1.0t€572.7b€57.9b17x17.7x1.8x
Wed, 08 Jan 2025€1.0t€563.1b€51.6b16.4x19.5x1.8x
Fri, 06 Dec 2024€1.0t€561.8b€51.5b17.3x19.4x1.8x
Sun, 03 Nov 2024€974.1b€560.6b€51.0b17.6x19.1x1.7x
Tue, 01 Oct 2024€1.0t€560.5b€52.6b17.6x19.9x1.9x
Thu, 29 Aug 2024€1.0t€566.6b€40.1b15.7x26.1x1.8x
Sat, 27 Jul 2024€1.0t€561.6b€41.5b16.5x25x1.8x
Mon, 24 Jun 2024€1.1t€562.6b€44.7b17.2x25x2x
Wed, 22 May 2024€1.1t€561.5b€44.5b18.1x24.7x2x
Fri, 19 Apr 2024€1.0t€565.9b€45.2b16.3x22.4x1.8x
Sun, 17 Mar 2024€1.0t€547.1b€46.3b15.9x21.6x1.8x
Tue, 13 Feb 2024€1.0t€568.3b€49.7b16.4x20.4x1.8x
Thu, 11 Jan 2024€895.3b€590.2b€60.1b16.1x14.9x1.5x
Sat, 09 Dec 2023€902.7b€598.4b€60.5b15.7x14.9x1.5x
Mon, 06 Nov 2023€839.5b€602.3b€60.2b15.5x13.9x1.4x
Wed, 04 Oct 2023€818.7b€593.4b€50.5b16x16.2x1.4x
Fri, 01 Sep 2023€906.8b€589.6b€49.1b17.2x18.5x1.5x
Sun, 30 Jul 2023€946.1b€580.1b€53.8b16.7x17.6x1.6x
Tue, 27 Jun 2023€892.7b€583.8b€48.1b16.7x18.6x1.5x
Thu, 25 May 2023€895.4b€576.6b€47.7b17.1x18.8x1.6x
Sat, 22 Apr 2023€881.1b€575.9b€49.7b17.2x17.7x1.5x
Price to Earnings Ratio

17.7x


Total Market Cap: €881.1bTotal Earnings: €49.7bTotal Revenue: €575.9bTotal Market Cap vs Earnings and Revenue0%0%0%
Dutch Market Price to Earnings3Y Average 19.5x202420252026
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 19.5x.
Past Earnings Growth
  • The earnings for Dutch listed companies have grown 6.8% 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 Market5.23%
Tech8.62%
Materials8.48%
Telecom7.70%
Financials4.44%
Consumer Discretionary4.10%
Real Estate2.80%
Healthcare1.68%
Consumer Staples0.22%
Utilities0%0
Energy-1.54%
Industrials-1.92%
Sector PE
  • Investors favour the Tech sector the most for future growth, which is trading above its 3-year average PE ratio of 39.0x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 16.5%, which is higher than its past year's earnings growth of 5.5% per year.
  • The Energy sector is the least preferred by investors for future growth, which is trading below its 3-year average of 11.9x.
Forecasted Growth
  • Analysts are most optimistic on the Materials sector, expecting annual earnings growth of 19% 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 8.3% 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€1.28k15.3%
+€65.7b		112.1%PE51.5xTech
INGA ING Groep€25.039.0%
+€6.0b		52.0%PB1.3xFinancials
PRX Prosus€42.286.3%
+€5.9b		11.0%PE8.6xConsumer Discretionary
MT ArcelorMittal€52.8215.7%
+€5.5b		121.4%PE15xMaterials
ASM ASM International€752.8012.0%
+€3.9b		84.5%PE50.8xTech
See more

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Latest News

MT
€52.82
ArcelorMittal
7D
15.7%
1Y
121.4%
ASML
€1,284.20
ASML Holding
7D
15.3%
1Y
112.1%
FERGR
€7.44
Ferrari Group
7D
-4.5%
1Y
6.3%
ASM
€752.80
ASM International
7D
12.0%
1Y
84.5%

ASM: Future Margins And Buybacks Are Expected To Support Fair Value

Analysts have trimmed the change in ASM International's fair value estimate to about €1.85, with modest tweaks to the discount rate, revenue growth, profit margin assumptions and future P/E. These adjustments are helping to support a series of higher Street price targets now clustering around €820 to €850.
VPK
€43.02
Koninklijke Vopak
7D
-8.8%
1Y
12.1%

VPK: Share Repurchases And Cash Returns Will Support Future Upside Potential

Analysts have slightly adjusted their view on Koninklijke Vopak, trimming the implied P/E multiple while keeping the fair value estimate steady at €64.00. They point to updated assumptions around discount rates, revenue growth and profitability, alongside a recent downgrade at Oddo BHF.
ADYEN
€926.10
Adyen
7D
9.7%
1Y
-36.0%
KPN
€4.77
Koninklijke KPN
7D
-1.2%
1Y
18.5%
PRX
€42.28
Prosus
7D
6.3%
1Y
11.0%

PRX: Revised Margins And P/E Reset Will Support Future Bullish Repricing

Narrative Update on Prosus The analyst price target for Prosus has been revised to €51. Analysts point to updated assumptions for revenue growth, profit margins and a lower future P/E multiple as key reasons for the change.
INGA
€25.03
ING Groep
7D
9.0%
1Y
52.0%
BESI
€218.00
BE Semiconductor Industries
7D
13.9%
1Y
123.9%

BESI: Future Returns Will Hinge On AI Packaging And Takeover Interest

The analyst price target on BE Semiconductor Industries has been nudged higher to reflect a fair value move from about €186.17 to €186.61. This adjustment is supported by a series of recent target increases from banks such as Morgan Stanley, JPMorgan, Barclays, Berenberg and Citi, partly offset by one downgrade to Hold at Kepler Cheuvreux.
AD
€41.02
Koninklijke Ahold Delhaize
7D
-1.6%
1Y
19.6%
THEON
€32.30
Theon International
7D
-6.0%
1Y
27.7%
RAND
€22.22
Randstad
7D
-0.8%
1Y
-35.5%

RAND: Sector Headwinds And Index Shift Will Shape Future Earnings Power

The Randstad analyst price target has been revised down to €21.00 from €30.00 as analysts factor in lower assumed revenue growth, reduced profit margins, a slightly higher discount rate, and a modestly lower future P/E. This is consistent with a broad wave of recent target cuts and a downgrade in sector outlook.
ABN
€30.01
ABN AMRO Bank
7D
8.0%
1Y
65.2%

ABN: Fair Value Reset Will Test Net Interest Income Expectations

Analysts have raised the fair value estimate for ABN AMRO Bank from €23.45 to €25.95. This change reflects recent increases in Street price targets, including higher levels from Deutsche Bank, Citi and JPMorgan, supported by more constructive views on net interest income and earnings power.
MICC
€12.05
Magnum Ice Cream
7D
-3.0%
1Y
n/a
CSG
€21.78
CSG
7D
-15.0%
1Y
n/a