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

Dutch (AEX) Market Analysis & Valuation

UpdatedApr 02, 2026
DataAggregated Company Financials
Companies100
  • 7D-0.5%
  • 3M5.8%
  • 1Y24.1%
  • YTD2.0%

The Communication Services sector gained 5.8% while the market remained flat over the last week. More promisingly, the market is up 24% over the past year. 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
Thu, 02 Apr 2026€1.2t€547.8b€60.7b16.9x20.4x2.3x
Sat, 28 Feb 2026€1.3t€519.5b€59.0b17.6x22.4x2.5x
Mon, 26 Jan 2026€1.3t€537.8b€54.6b17.2x23.2x2.4x
Wed, 24 Dec 2025€1.1t€540.6b€54.7b16.6x20.2x2x
Fri, 21 Nov 2025€1.1t€533.4b€53.6b16.8x20.2x2x
Sun, 19 Oct 2025€1.1t€531.6b€53.5b17.2x20.5x2.1x
Tue, 16 Sep 2025€1.0t€549.8b€67.5b16.6x15.5x1.9x
Thu, 14 Aug 2025€1.0t€547.5b€65.7b16.8x15.4x1.8x
Sat, 12 Jul 2025€1.1t€542.6b€62.0b19.7x16.9x1.9x
Mon, 09 Jun 2025€1.0t€543.6b€58.4b18.9x17.9x1.9x
Wed, 07 May 2025€986.6b€542.0b€58.5b18.8x16.9x1.8x
Fri, 04 Apr 2025€947.2b€543.2b€57.3b17.6x16.5x1.7x
Sun, 02 Mar 2025€1.0t€568.3b€59.3b19.1x17.5x1.8x
Tue, 28 Jan 2025€1.0t€565.1b€51.8b16.9x19.3x1.8x
Thu, 26 Dec 2024€988.6b€562.9b€51.6b16.1x19.2x1.8x
Sat, 23 Nov 2024€969.3b€562.6b€50.5b16.7x19.2x1.7x
Mon, 21 Oct 2024€1.0t€563.1b€52.8b18.2x19.2x1.8x
Wed, 18 Sep 2024€1.0t€566.8b€40.1b16.5x25.4x1.8x
Fri, 16 Aug 2024€1.0t€564.6b€40.2b15.4x26x1.8x
Sun, 14 Jul 2024€1.1t€560.6b€41.0b16.6x27.8x2x
Tue, 11 Jun 2024€1.1t€562.1b€44.6b17.7x25.2x2x
Thu, 09 May 2024€1.1t€561.9b€44.4b18.5x24.3x1.9x
Sat, 06 Apr 2024€1.0t€565.8b€45.3b16.4x23.2x1.9x
Mon, 04 Mar 2024€1.0t€569.8b€48.9b16.4x20.7x1.8x
Wed, 31 Jan 2024€969.6b€591.3b€60.6b17x16x1.6x
Fri, 29 Dec 2023€919.0b€593.8b€60.0b16.8x15.3x1.5x
Sun, 26 Nov 2023€880.0b€596.6b€59.3b15.7x14.8x1.5x
Tue, 24 Oct 2023€794.5b€593.1b€52.3b15.3x15.2x1.3x
Thu, 21 Sep 2023€874.3b€591.5b€50.0b17.3x17.5x1.5x
Sat, 19 Aug 2023€860.9b€576.0b€47.4b16.5x18.2x1.5x
Mon, 17 Jul 2023€940.7b€579.7b€51.5b16.9x18.3x1.6x
Wed, 14 Jun 2023€925.1b€586.5b€48.3b16.9x19.1x1.6x
Fri, 12 May 2023€881.0b€569.7b€45.9b17.2x19.2x1.5x
Sun, 09 Apr 2023€891.2b€567.6b€47.5b16.4x18.7x1.6x
Price to Earnings Ratio

18.7x


Total Market Cap: €891.2bTotal Earnings: €47.5bTotal Revenue: €567.6bTotal 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 8.5% 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-0.53%
Telecom5.80%
Real Estate5.32%
Financials1.37%
Materials1.11%
Consumer Staples0.88%
Utilities0%0
Energy-0.31%
Healthcare-0.67%
Industrials-1.93%
Tech-2.03%
Consumer Discretionary-2.28%
Sector PE
  • Investors favour the Tech sector the most for future growth, which is trading above its 3-year average PE ratio of 38.9x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 16.4%, 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 12.1x.
Forecasted Growth
  • Analysts are most optimistic on the Materials sector, expecting annual earnings growth of 20% 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 14% 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
INGA ING Groep€23.244.1%
+€2.6b		27.8%PB1.2xFinancials
UMG Universal Music Group€17.018.6%
+€2.5b		-31.3%PE20.3xTelecom
HEIA Heineken€67.582.5%
+€900.8m		-9.8%PE19.9xConsumer Staples
NN NN Group€69.283.9%
+€681.7m		34.6%PE16.4xFinancials
ABN ABN AMRO Bank€28.113.0%
+€666.8m		45.1%PB0.9xFinancials
See more

Market Insights

Header cover image
What’s happening with Renewables & EVs?
Richard Bowman avatar
Richard Bowman
Part 1 of 3 in our “What’s happening with…” series, where we look back on the investment themes that were all the rage just a few years ago and see how they're doing now.
Continue reading
How to spot the winners in 2026's IPOs

Latest News

CCEP
€78.90
Coca-Cola Europacific Partners
7D
-2.4%
1Y
-1.9%
UMG
€17.01
Universal Music Group
7D
8.6%
1Y
-31.3%
AD
€41.20
Koninklijke Ahold Delhaize
7D
2.4%
1Y
19.1%

AD: Fine Tuned Margin Assumptions And Buybacks Will Steer Future Re Rating

Analysts have modestly lifted the implied fair value for Koninklijke Ahold Delhaize to about €40 from about €37.50, reflecting small adjustments to revenue growth, profit margin and discount rate assumptions that are broadly consistent with recent mixed price target moves, including Citi's increase to €38.60 and a slight cut from JPMorgan. Analyst Commentary Recent research points to a relatively balanced view on Koninklijke Ahold Delhaize, with one small upward move in fair value assumptions and a modest trim elsewhere.
ADYEN
€863.70
Adyen
7D
-4.7%
1Y
-39.2%
IMCD
€88.74
IMCD
7D
11.8%
1Y
-29.8%

IMCD: Lower Dividend And Reset Expectations Will Set Up Future Upside

The Analyst Price Target for IMCD has shifted lower to €107.68 from €126.46, reflecting analysts' updated views on slightly softer revenue growth, thinner profit margins and a lower future P/E multiple, supported by a series of recent price target cuts and one upward revision across major banks. Analyst Commentary Recent research shows a mix of optimism and caution around IMCD, with several banks trimming price targets and one raising them, which helps explain why the average target has reset closer to current expectations.
ABN
€28.11
ABN AMRO Bank
7D
3.0%
1Y
45.1%

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.
HAL
€167.20
HAL Trust
7D
-4.1%
1Y
41.7%
WKL
€65.08
Wolters Kluwer
7D
3.7%
1Y
-54.9%
ASM
€673.60
ASM International
7D
-4.2%
1Y
63.3%

ASM: Premium Margins And Capital Returns Will Support Future Share Performance

The analyst price target for ASM International has been adjusted modestly higher to align with an updated fair value estimate of about €806. This move is supported by Street research that generally raises targets into the €820 to €850 range as analysts factor in revised growth and margin assumptions.
CSG
€25.00
CSG
7D
-13.0%
1Y
n/a
PRX
€40.53
Prosus
7D
-2.3%
1Y
-4.8%

PRX: Higher Discount Rate And Mixed Research Will Still Support Bullish Repricing

Analysts have trimmed their fair value estimate for Prosus from €54.00 to €51.00, reflecting updated assumptions on the discount rate, revenue growth, profit margin, and future P/E after recent mixed research that included a Morgan Stanley upgrade and a €5 price target cut at JPMorgan. Analyst Commentary The recent research mix on Prosus, including a price target cut to €51.00 and an upgrade at Morgan Stanley, highlights how divided the Street is on the stock.
RAND
€22.60
Randstad
7D
-5.1%
1Y
-40.8%
INGA
€23.24
ING Groep
7D
4.1%
1Y
27.8%

INGA: Future Returns Will Hinge On Volume Execution And Cash Distributions

Analysts have nudged the average price target on ING Groep higher to €29.30 from €28.50, reflecting a series of recent target increases and upgrades that point to growing confidence in the shares, even with a fresh downgrade from one major firm. Analyst Commentary Recent research on ING Groep has featured a mix of upgrades, fresh coverage and a new downgrade, giving you a fuller picture of how the market is weighing execution risks against the current valuation.
ASML
€1,187.60
ASML Holding
7D
-2.0%
1Y
92.7%

ASML: Future WFE Spending And DRAM Tightness Will Drive Upside

ASML Holding's analyst fair value estimate has been adjusted slightly higher to €1,400.42 from €1,397.71, reflecting updated assumptions on revenue growth, margins and P/E. This follows a series of recent price target increases from major brokers who cite tighter foundry and DRAM supply, higher medium term EPS estimates and firm wafer fab equipment spending plans.
NN
€69.28
NN Group
7D
3.9%
1Y
34.6%

NN: Future Returns Will Depend On Earnings Delivery And Share Buybacks

Narrative Update on NN Group Analysts have lifted price targets on NN Group into a €64 to €83 range, with updated views supported by refreshed P/E assumptions and revised long term revenue and profitability inputs. Analyst Commentary Recent research updates cluster NN Group’s price targets in the €64 to €83 range, with several banks revisiting their assumptions around earnings power and execution risk.
HEIA
€67.58
Heineken
7D
2.5%
1Y
-9.8%