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

Dutch (AEX) Market Analysis & Valuation

UpdatedNov 07, 2025
DataAggregated Company Financials
Companies98
  • 7D-2.6%
  • 3M12.4%
  • 1Y17.7%
  • YTD14.9%

Over the last 7 days, the market has dropped 2.6%, driven by a loss of 4.5% in the Information Technology sector. In contrast to the last week, the market is actually up 18% over the past year. As for the next few years, earnings are expected to grow by 11% per annum.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 07 Nov 2025€1.1t€532.8b€53.9b15.8x20.4x2.1x
Sun, 05 Oct 2025€1.1t€534.7b€52.9b17.6x21.1x2.1x
Tue, 02 Sep 2025€1.0t€549.7b€67.1b16.6x15x1.8x
Thu, 31 Jul 2025€1.0t€544.4b€64.0b18.2x15.9x1.9x
Sat, 28 Jun 2025€1.0t€542.6b€62.0b19x16.8x1.9x
Mon, 26 May 2025€1.0t€543.8b€58.4b19.1x17.5x1.9x
Wed, 23 Apr 2025€931.3b€543.2b€58.2b15.9x16x1.7x
Fri, 21 Mar 2025€1.0t€567.1b€58.5b18.3x17.5x1.8x
Sun, 16 Feb 2025€1.1t€571.8b€57.7b17.4x18.7x1.9x
Tue, 14 Jan 2025€982.0b€564.2b€51.7b16.1x19x1.7x
Thu, 12 Dec 2024€1.0t€562.2b€51.5b17.3x19.5x1.8x
Sat, 09 Nov 2024€967.5b€560.1b€50.4b17.3x19.2x1.7x
Mon, 07 Oct 2024€1.0t€561.5b€52.7b17.8x19.9x1.9x
Wed, 04 Sep 2024€1.0t€567.0b€40.1b16.7x25.9x1.8x
Fri, 02 Aug 2024€1.0t€565.0b€40.3b16.5x25.7x1.8x
Sun, 30 Jun 2024€1.1t€561.9b€41.2b16.1x26.9x2x
Tue, 28 May 2024€1.1t€472.7b€42.7b18.6x25.3x2.3x
Thu, 25 Apr 2024€1.0t€564.9b€45.0b16.4x22.7x1.8x
Sat, 23 Mar 2024€1.0t€547.6b€46.1b16.5x22.4x1.9x
Mon, 19 Feb 2024€1.0t€566.9b€48.5b16x20.9x1.8x
Wed, 17 Jan 2024€900.7b€590.9b€60.2b16.1x15x1.5x
Fri, 15 Dec 2023€924.2b€594.3b€60.1b16.3x15.4x1.6x
Sun, 12 Nov 2023€846.9b€599.0b€59.8b15.6x14.2x1.4x
Tue, 10 Oct 2023€813.0b€592.7b€50.4b15.7x16.1x1.4x
Thu, 07 Sep 2023€906.2b€588.7b€49.2b17x18.4x1.5x
Sat, 05 Aug 2023€913.5b€582.0b€53.4b16.2x17.1x1.6x
Mon, 03 Jul 2023€928.2b€582.3b€52.0b16.9x17.9x1.6x
Wed, 31 May 2023€884.0b€576.9b€47.7b16.7x18.5x1.5x
Fri, 28 Apr 2023€862.7b€572.9b€49.1b17.4x17.6x1.5x
Sun, 26 Mar 2023€865.7b€562.7b€50.3b16x17.2x1.5x
Tue, 21 Feb 2023€910.4b€553.4b€48.1b15.7x18.9x1.6x
Thu, 19 Jan 2023€904.7b€541.0b€53.9b15x16.8x1.7x
Sat, 17 Dec 2022€831.8b€543.5b€54.4b14.2x15.3x1.5x
Mon, 14 Nov 2022€847.3b€545.8b€67.8b13.8x12.5x1.6x
Price to Earnings Ratio

12.5x


Total Market Cap: €847.3bTotal Earnings: €67.8bTotal Revenue: €545.8bTotal Market Cap vs Earnings and Revenue0%0%0%
Dutch Market Price to Earnings3Y Average 18.8x202320242025
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 18.8x.
Past Earnings Growth
  • The earnings for Dutch listed companies have declined 7.4% per year over the last three years.
  • Meanwhile revenues have been flat.
  • This means that either the cost of doing business or the level of investment back into businesses is increasing since sales have remained steady while profits have fallen.

Sector Trends

Which sectors have driven the changes within the Dutch Market?

NL Market-2.61%
Healthcare3.25%
Consumer Staples0.90%
Utilities0%0
Real Estate-0.077%
Consumer Discretionary-1.25%
Materials-1.69%
Financials-2.24%
Telecom-3.36%
Tech-4.51%
Industrials-5.17%
Energy-5.34%
Sector PE
  • Investors favour the Tech sector the most for future growth, which is trading close to its 3-year average PE ratio of 39.0x.
    • Analysts are expecting annual earnings growth of 12.0%, which is lower than the prior year's growth of 36.7% per year.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 36% over the next 5 years.
  • In contrast, the Telecom sector is expected to see its earnings decline by 3.2% 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
HEIA Heineken€69.022.9%
+€1.0b		-5.4%PE21.1xConsumer Staples
PHIA Koninklijke Philips€24.443.0%
+€684.8m		-4.2%PE134.3xHealthcare
ABN ABN AMRO Bank€26.633.0%
+€633.9m		73.8%PB0.8xFinancials
HEIO Heineken Holding€60.302.6%
+€412.6m		-2.7%PE18.2xConsumer Staples
INGA ING Groep€22.200.3%
+€218.9m		48.2%PB1.3xFinancials
See more

Market Insights

Header cover image
⚠️ Default Distress: What Private Credit Troubles Could Mean for Regional Banks
Richard Bowman avatar
Richard Bowman
|
|
In this week’s piece, we’ll: Explain what’s happening in the world of private credit, Review why the industry presents new risks today, Identify how investors can reduce downside exposure
Continue reading
🏦 Room to Run: A Look at Where the Financial Sector Could Go
Last Week

🏦 Room to Run: A Look at Where the Financial Sector Could Go

Latest News

WKL
€100.40
Wolters Kluwer
7D
-4.6%
1Y
-37.4%
ADYEN
€1,369.20
Adyen
7D
-9.7%
1Y
2.5%
HEIA
€69.02
Heineken
7D
2.9%
1Y
-5.4%

HEIA: Market Share Will Benefit From Rising Demand for Non-Alcoholic Options

Heineken's analyst price target has moved marginally lower, with the average target now at EUR 86.28 compared to EUR 86.67 previously. This reflects analyst expectations of improved revenue growth but slightly reduced profit margin forecasts.
PHIA
€24.44
Koninklijke Philips
7D
3.0%
1Y
-4.2%
CVC
€13.87
CVC Capital Partners
7D
-5.2%
1Y
-37.6%
NN
€60.28
NN Group
7D
0.5%
1Y
33.3%

NN: Future Performance Will Depend On Capital Strength And Sector Comparisons

Analysts have increased their average price target for NN Group, noting improvements in capital position and adjusting their outlook as the stock's valuation aligns more closely with sector peers. Price targets now range from EUR 61 to EUR 75.
BESI
€137.75
BE Semiconductor Industries
7D
-6.3%
1Y
26.6%

BESI: Revenue Acceleration And Share Buybacks Will Drive Measured Upside Potential

BE Semiconductor Industries' analyst price target has been raised from €141.05 to €150.15, reflecting analysts' confidence in stronger revenue growth and improved profit margins. Analyst Commentary Analysts have recently adjusted their outlook for BE Semiconductor Industries, reflecting a spectrum of opinions on the company's prospects.
ASM
€543.80
ASM International
7D
-4.0%
1Y
6.3%

ASM: Future Revenue Guidance Adjustments Will Shape Shares Amid Recent Upgrades

ASM International’s fair value estimate has increased by approximately €20 to €617. This change reflects analysts’ upward revisions, driven by enhanced growth forecasts and recent price target raises from major research firms.
HEIO
€60.30
Heineken Holding
7D
2.6%
1Y
-2.7%

HEIO: Future Revenue Stability And Discount Rate Will Support Bullish Momentum

Analysts have maintained their price target for Heineken Holding at €107.00, citing steady expectations for revenue growth, profit margins, and future valuation metrics. What's in the News Heineken Holding N.V. announced operating results for Q3 and nine months of 2025 (Key Developments) In Q3 2025, beer volume decreased organically by 4.3%.
INGA
€22.20
ING Groep
7D
0.3%
1Y
48.2%
ASML
€895.30
ASML Holding
7D
-4.5%
1Y
43.3%

ASML: Future Memory Spending And AI Investment Will Support Shareholder Value

ASML Holding's analyst price target has been raised slightly, moving from approximately €938 to €942. Analysts cite stronger quarterly results, rising industry optimism, and improved earnings prospects driven by higher expected revenue growth and profit margins.
ABN
€26.63
ABN AMRO Bank
7D
3.0%
1Y
73.8%

ABN: Revenue Momentum And Potential Takeover Will Shape Future Performance

Analysts have slightly raised their price target for ABN AMRO Bank to €26.98, citing improved revenue growth, higher profit margins, and recent positive sector momentum. Analyst Commentary Recent street research on ABN AMRO Bank highlights a dynamic mix of optimism and caution from market analysts.
PRX
€60.29
Prosus
7D
-1.2%
1Y
52.8%

AI Investments And Ecosystem Leverage Will Strengthen Future Operations

Analysts have increased their price target for Prosus from €60.53 to €63.25. They cite improving revenue growth projections and a slight decrease in the discount rate as key factors in their updated valuation.
UMG
€22.30
Universal Music Group
7D
-3.2%
1Y
-4.1%

Some Shareholders Feeling Restless Over Universal Music Group N.V.'s (AMS:UMG) P/E Ratio

Oct 24
Some Shareholders Feeling Restless Over Universal Music Group N.V.'s (AMS:UMG) P/E Ratio
PHARM
€1.37
Pharming Group
7D
20.7%
1Y
80.6%
WHA
€19.60
Wereldhave
7D
6.3%
1Y
39.4%