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Dutch (AEX) Market Analysis & Valuation

UpdatedApr 26, 2026
DataAggregated Company Financials
Companies99
  • 7D-1.2%
  • 3M0.3%
  • 1Y34.1%
  • YTD6.8%

Over the last 7 days, the market has dropped 1.2%, driven by a pullback of 6.2% in the Consumer Discretionary sector. In the last year, the market is actually up 34%. 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
Sun, 26 Apr 2026€1.3t€547.1b€61.3b18x21.2x2.4x
Tue, 24 Mar 2026€1.2t€538.9b€60.7b16.1x20.1x2.3x
Thu, 19 Feb 2026€1.3t€526.2b€58.8b18.3x22.5x2.5x
Sat, 17 Jan 2026€1.2t€539.1b€54.8b17.1x22.5x2.3x
Mon, 15 Dec 2025€1.1t€540.9b€54.7b16.5x20.2x2x
Wed, 12 Nov 2025€1.1t€533.1b€53.5b16.9x20.8x2.1x
Fri, 10 Oct 2025€1.1t€535.7b€53.1b17.3x20.8x2.1x
Sun, 07 Sep 2025€1.0t€550.1b€67.6b16.8x14.9x1.8x
Tue, 05 Aug 2025€985.8b€544.5b€65.8b17.3x15x1.8x
Thu, 03 Jul 2025€1.0t€542.1b€61.9b18.8x16.7x1.9x
Sat, 31 May 2025€1.0t€543.9b€58.4b18.8x17.7x1.9x
Mon, 28 Apr 2025€957.0b€543.3b€57.9b17.2x16.5x1.8x
Wed, 26 Mar 2025€1.0t€567.7b€58.5b17.9x17.5x1.8x
Fri, 21 Feb 2025€1.1t€571.7b€57.6b17.7x18.5x1.9x
Sun, 19 Jan 2025€1.0t€566.7b€51.9b16.6x19.7x1.8x
Tue, 17 Dec 2024€1.0t€562.2b€51.5b16.8x19.4x1.8x
Thu, 14 Nov 2024€958.3b€561.4b€50.6b16.8x18.9x1.7x
Sat, 12 Oct 2024€1.1t€561.8b€52.7b18.1x19.9x1.9x
Mon, 09 Sep 2024€985.2b€567.0b€40.1b16.1x24.6x1.7x
Wed, 07 Aug 2024€988.1b€564.3b€40.5b15.5x24.4x1.8x
Fri, 05 Jul 2024€1.1t€561.3b€41.1b16.5x27.4x2x
Sun, 02 Jun 2024€1.1t€561.5b€44.5b17.8x24.4x1.9x
Tue, 30 Apr 2024€1.0t€564.5b€45.0b15.8x23.1x1.8x
Thu, 28 Mar 2024€1.0t€551.0b€45.9b16.2x22.6x1.9x
Sat, 24 Feb 2024€1.0t€566.0b€48.5b16.1x20.7x1.8x
Mon, 22 Jan 2024€910.2b€590.7b€60.2b15.8x15.1x1.5x
Wed, 20 Dec 2023€925.2b€594.5b€60.1b16.4x15.4x1.6x
Fri, 17 Nov 2023€877.7b€597.4b€59.4b15.8x14.8x1.5x
Sun, 15 Oct 2023€819.8b€593.2b€50.5b15.7x16.2x1.4x
Tue, 12 Sep 2023€885.1b€588.6b€49.2b17x18x1.5x
Thu, 10 Aug 2023€903.2b€574.0b€47.3b16.5x19.1x1.6x
Sat, 08 Jul 2023€898.7b€581.9b€51.9b16.5x17.3x1.5x
Mon, 05 Jun 2023€918.6b€585.5b€48.3b16.9x19x1.6x
Wed, 03 May 2023€861.0b€573.2b€49.1b17.4x17.5x1.5x
Price to Earnings Ratio

17.5x


Total Market Cap: €861.0bTotal Earnings: €49.1bTotal Revenue: €573.2bTotal 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 7.7% 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 Market-1.21%
Energy2.63%
Tech1.52%
Utilities0%0
Telecom-1.65%
Consumer Staples-1.80%
Financials-2.38%
Industrials-2.49%
Real Estate-4.13%
Materials-4.30%
Consumer Discretionary-6.22%
Healthcare-7.58%
Sector PE
  • Investors favour the Tech sector the most for future growth, which is trading above its 3-year average PE ratio of 39.1x.
    • Analysts expect its future annual earnings growth (16.5%) to be largely in line with prior year's earnings growth.
    • The market's confidence could indicate that the market believes that analysts are underestimating future growth.
  • The Energy sector is the least preferred by investors for future growth, which is trading below its 3-year average of 11.6x.
Forecasted Growth
  • Analysts are most optimistic on the Materials sector, expecting annual earnings growth of 20% 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 7.7% 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
ASM ASM International€867.4010.4%
+€4.0b		102.8%PE42.8xTech
ASML ASML Holding€1.25k0.5%
+€2.2b		112.2%PE48xTech
BESI BE Semiconductor Industries€252.2011.2%
+€2.0b		159.9%PE131.6xTech
SBMO SBM Offshore€36.266.8%
+€389.0m		102.6%PE7.8xEnergy
KPN Koninklijke KPN€4.661.8%
+€301.8m		18.7%PE22.2xTelecom
See more

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7D
-8.1%
1Y
5.6%
ASML
€1,249.60
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7D
0.5%
1Y
112.2%
BESI
€252.20
BE Semiconductor Industries
7D
11.2%
1Y
159.9%
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Prosus
7D
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1.8%

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ASM
€867.40
ASM International
7D
10.4%
1Y
102.8%

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WKL
€66.42
Wolters Kluwer
7D
-6.9%
1Y
-56.5%

I would buy Wolters Kluwer because it is a high-quality, cash-generative, recurring-revenue business

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RAND
€24.67
Randstad
7D
1.2%
1Y
-29.9%
MT
€50.48
ArcelorMittal
7D
-5.5%
1Y
94.5%

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ArcelorMittal's analyst price target has shifted from €54.13 to €55.03. Analysts cite revised fair value assumptions, a slightly lower discount rate, and updated expectations for revenue growth, profit margins, and future P/E as the key drivers behind this adjustment.
INGA
€23.85
ING Groep
7D
-3.3%
1Y
41.3%

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UMG
€19.94
Universal Music Group
7D
-3.3%
1Y
-19.6%

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KPN
€4.66
Koninklijke KPN
7D
1.8%
1Y
18.7%
IMCD
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IMCD
7D
1.0%
1Y
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SBMO
€36.26
SBM Offshore
7D
6.8%
1Y
102.6%

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AD
€41.23
Koninklijke Ahold Delhaize
7D
0.8%
1Y
15.5%

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CSG
€19.93
CSG
7D
-6.9%
1Y
n/a
ABN
€29.11
ABN AMRO Bank
7D
-4.6%
1Y
62.2%

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