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
Thu, 11 Jun 2026	€1.4t	€538.5b	€61.4b	17.9x	22.5x	2.6x
Sat, 09 May 2026	€1.3t	€536.4b	€60.6b	18.2x	21.6x	2.4x
Mon, 06 Apr 2026	€1.2t	€548.1b	€60.8b	16.5x	20.2x	2.2x
Wed, 04 Mar 2026	€1.3t	€523.5b	€61.6b	15.9x	20.4x	2.4x
Fri, 30 Jan 2026	€1.3t	€537.7b	€54.7b	17.1x	23.2x	2.4x
Sun, 28 Dec 2025	€1.1t	€540.7b	€54.7b	16.6x	20.1x	2x
Tue, 25 Nov 2025	€1.1t	€533.5b	€53.6b	16.6x	19.9x	2x
Thu, 23 Oct 2025	€1.1t	€532.0b	€53.5b	17.3x	20.5x	2.1x
Sat, 20 Sep 2025	€1.1t	€534.5b	€52.9b	16.5x	20x	2x
Mon, 18 Aug 2025	€1.0t	€547.7b	€65.8b	16.7x	15.4x	1.8x
Wed, 16 Jul 2025	€1.1t	€543.2b	€62.1b	19.5x	16.9x	1.9x
Fri, 13 Jun 2025	€1.0t	€542.6b	€58.3b	18.9x	18x	1.9x
Sun, 11 May 2025	€1.0t	€544.4b	€58.7b	18.7x	17.2x	1.8x
Tue, 08 Apr 2025	€878.9b	€543.7b	€57.4b	15.8x	15.3x	1.6x
Thu, 06 Mar 2025	€1.0t	€565.4b	€59.0b	19x	17.5x	1.8x
Sat, 01 Feb 2025	€1.0t	€567.9b	€52.6b	17.1x	19.5x	1.8x
Mon, 30 Dec 2024	€991.0b	€562.8b	€51.6b	16.1x	19.2x	1.8x
Wed, 27 Nov 2024	€967.8b	€562.0b	€50.5b	16.6x	19.2x	1.7x
Fri, 25 Oct 2024	€1.0t	€563.0b	€52.7b	17.9x	19x	1.8x
Sun, 22 Sep 2024	€1.0t	€566.6b	€40.0b	16.8x	25.3x	1.8x
Tue, 20 Aug 2024	€1.0t	€564.4b	€40.3b	15.6x	26x	1.9x
Thu, 18 Jul 2024	€1.1t	€560.4b	€41.0b	16.4x	26.3x	1.9x
Sat, 15 Jun 2024	€1.1t	€562.5b	€44.6b	17.6x	24.9x	2x
Mon, 13 May 2024	€1.1t	€561.8b	€44.3b	18.7x	24.5x	1.9x
Wed, 10 Apr 2024	€1.0t	€565.6b	€45.2b	16.8x	23.1x	1.8x
Fri, 08 Mar 2024	€1.0t	€566.6b	€48.7b	16.8x	21.4x	1.8x
Sun, 04 Feb 2024	€973.4b	€579.8b	€52.7b	16.2x	18.5x	1.7x
Tue, 02 Jan 2024	€917.1b	€594.0b	€60.0b	16.8x	15.3x	1.5x
Thu, 30 Nov 2023	€874.4b	€596.5b	€59.2b	15.6x	14.8x	1.5x
Sat, 28 Oct 2023	€796.9b	€592.6b	€52.8b	15.6x	15.1x	1.3x
Mon, 25 Sep 2023	€825.9b	€592.0b	€50.3b	16.7x	16.4x	1.4x
Wed, 23 Aug 2023	€868.2b	€573.2b	€46.7b	16.3x	18.6x	1.5x
Fri, 21 Jul 2023	€914.5b	€580.5b	€51.5b	17.1x	17.7x	1.6x
Sun, 18 Jun 2023	€921.0b	€585.4b	€48.2b	17x	19.1x	1.6x

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 22.5x which is higher than its 3-year average PE of 19.6x.

Past Earnings Growth

The earnings for Dutch listed companies have grown 8.4% 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	-0.14%
Consumer Staples	4.40%
Healthcare	3.49%
Tech	2.91%
Energy	-0.65%
Industrials	-1.67%
Real Estate	-2.67%
Financials	-4.00%
Telecom	-4.76%
Consumer Discretionary	-6.42%
Materials	-6.71%
Utilities	-7.14%

Sector PE

Investors favour the Tech sector the most for future growth, which is trading above its 3-year average PE ratio of 39.8x.

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	€1.51k	1.5% +€8.5b	118.4%	PE57.9x	Tech
CCEP Coca-Cola Europacific Partners	€85.10	7.3% +€2.6b	5.6%	PE19.4x	Consumer Staples
HEIA Heineken	€69.76	5.6% +€2.0b	-12.9%	PE19.9x	Consumer Staples
DSFIR DSM-Firmenich	€71.50	4.8% +€815.0m	-26.3%	PE64.8x	Materials
AD Koninklijke Ahold Delhaize	€36.18	2.6% +€809.6m	0.5%	PE14.1x	Consumer Staples

Company

Last Price

Valuation

Sector

ASML ASML Holding

€1.51k

1.5%
+€8.5b

118.4%

PE57.9x

Tech

CCEP Coca-Cola Europacific Partners

€85.10

7.3%
+€2.6b

5.6%

PE19.4x

Consumer Staples

HEIA Heineken

€69.76

5.6%
+€2.0b

-12.9%

PE19.9x

Consumer Staples

DSFIR DSM-Firmenich

€71.50

4.8%
+€815.0m

-26.3%

PE64.8x

Materials

AD Koninklijke Ahold Delhaize

€36.18

2.6%
+€809.6m

0.5%

PE14.1x

Consumer Staples

ING Groep N.V. Rolls Out Global Subscription Banking Model

ING Groep NV announced a new global subscriptions model designed to make daily banking easier and deliver greater value for customers. The approach reflects changing customer expectations, with research showing a growing demand for simplicity, transparency and benefits that fit everyday life. Four plans ING Go, ING More, ING Extra and ING Max are introduced under one brand across all nine retail markets covering 41 million customers (Netherlands, Belgium, Germany, Spain, Italy, Australia, Poland, Romania, Türkiye). Each subscription plan combines everyday banking with additional features and lifestyle benefits that customers would otherwise arrange separately. The features included in each plan will be tailored per market, based on what customers value most locally. The new model also introduces premium plans, allowing customers to select a plan that includes a broader set of higher-value banking and lifestyle benefits. Examples include an enhanced card offer (debit and credit card in one plan), additional banking and investment benefits, comprehensive insurance cover, and partner-enabled extras such as streaming services, travel-related benefits, as well as loyalty and cashback features. By combining banking services with these added benefits in a single proposition, ING Groep NV aims to offer customers greater convenience, flexibility and value. Following launches in Belgium, Poland and Romania, the model is expanding market by market, with the Netherlands going live as part of a phased international rollout across retail markets. Including customers migrated from existing offerings, there are already 3 million customers enjoying the benefits of the new plans. With over 600bln in Retail banking customer deposits, the move marks an important step in the strategy to evolve from product-based banking towards more relationship-based customer propositions, combining banking, protection and lifestyle benefits within a single offering. The model is also aligned with the strategy to scale across markets, with the flexibility to stay relevant locally.

Dutch (AEX) Market Analysis & Valuation

Market Valuation and Performance

Sector Trends

Top Stock Gainers and Losers

Market Insights

The gravity of the SpaceX IPO

Latest News

ING Groep N.V. Rolls Out Global Subscription Banking Model

Dsm-Firmenich Receives FDA Approval for PARSOL Shield, New Sun Protection Ingredient for the U.S

ABN AMRO Faces Uncertain Growth Outlook as Loan Risk Transfers Increase

ASML Sets Higher 2026 Targets as AI Demand Drives Record Sales and Order Backlog

Wolters Kluwer Unveils AI-Driven Compliance Solutions for Insurance Legal and Tax Markets

ADYEN: Slower Share Gains And New Deals Will Shape A Measured Outlook

MT: Dividend Strength And Growth Projects Will Support Balanced Future Outlook

UMG: AI Licensing Partnerships Will Drive Future Upside Versus Trimmed Fair Value Estimate

APAM: Index Inclusion And Mixed Sector Outlook Will Shape Future Risk Profile

Investor sentiment deteriorates as stock falls 17%

AD: Higher Long Term Revenue And P E Assumptions Will Support Upside

Coca-Cola Europacific Partners plc Announces Appointment of Laurence Debroux as Director, Effective May 28, 2026

Dutch Supreme Court Ruling Signals Potential Damages Ahead for Heineken in Greek Case

PRX: Future Upside Will Depend On Delivering Against Recalibrated Expectations

Magnum Ice Cream Shares Jump as Blackstone and CD&R Consider Take-Private Offer

Heineken Holding N.V. Confirms Earnings Guidance for the Full Year 2026