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

Dutch (AEX) Market Analysis & Valuation

UpdatedJan 09, 2026
DataAggregated Company Financials
Companies100
  • 7D4.0%
  • 3M7.6%
  • 1Y19.4%
  • YTD1.3%

The market has climbed 5.8% in the last 7 days, lead by the Information Technology sector with a gain of 15%. The market is up 22% over the last 12 months. As for the next few years, earnings are expected to grow by 12% per annum.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 09 Jan 2026€1.2t€541.2b€54.8b16.9x21.2x2.1x
Sun, 07 Dec 2025€1.1t€533.3b€54.2b17x20.4x2.1x
Tue, 04 Nov 2025€1.1t€532.4b€53.7b17.1x20.8x2.1x
Thu, 02 Oct 2025€1.1t€534.7b€52.9b17.3x20.7x2x
Sat, 30 Aug 2025€1.0t€549.1b€66.7b16.7x15.1x1.8x
Mon, 28 Jul 2025€1.0t€543.9b€62.5b18.9x16.3x1.9x
Wed, 25 Jun 2025€1.0t€543.1b€62.1b18.3x16.8x1.9x
Fri, 23 May 2025€1.0t€544.2b€58.5b19.2x17.7x1.9x
Sun, 20 Apr 2025€926.7b€543.4b€58.2b15.6x15.9x1.7x
Tue, 18 Mar 2025€1.0t€566.6b€58.5b18.4x17.5x1.8x
Thu, 13 Feb 2025€1.1t€572.3b€57.8b16.9x18.2x1.8x
Sat, 11 Jan 2025€993.4b€567.0b€51.9b16x19.1x1.8x
Mon, 09 Dec 2024€1.0t€561.8b€51.5b17.4x19.5x1.8x
Wed, 06 Nov 2024€971.2b€560.0b€50.9b17.5x19.1x1.7x
Fri, 04 Oct 2024€1.0t€561.2b€52.6b17.3x19.8x1.9x
Sun, 01 Sep 2024€1.1t€567.0b€40.1b16.6x26.3x1.9x
Tue, 30 Jul 2024€1.0t€562.2b€41.6b16.3x24.7x1.8x
Thu, 27 Jun 2024€1.1t€562.2b€41.2b16.2x26.9x2x
Sat, 25 May 2024€1.1t€561.5b€44.5b17.4x24.8x2x
Mon, 22 Apr 2024€1.0t€565.9b€45.2b16.1x22.1x1.8x
Wed, 20 Mar 2024€1.0t€547.2b€46.3b16.2x21.8x1.8x
Fri, 16 Feb 2024€1.0t€564.4b€49.1b15.9x20.4x1.8x
Sun, 14 Jan 2024€903.9b€590.3b€60.1b16.4x15x1.5x
Tue, 12 Dec 2023€910.1b€598.4b€60.5b15.8x15x1.5x
Thu, 09 Nov 2023€836.5b€602.4b€60.2b15.7x13.9x1.4x
Sat, 07 Oct 2023€818.5b€592.5b€50.3b15.7x16.3x1.4x
Mon, 04 Sep 2023€908.8b€588.3b€49.2b17.2x18.5x1.5x
Wed, 02 Aug 2023€931.1b€583.0b€53.7b16.4x17.3x1.6x
Fri, 30 Jun 2023€914.4b€584.4b€52.1b16.5x17.6x1.6x
Sun, 28 May 2023€893.7b€576.9b€47.7b16.9x18.7x1.5x
Tue, 25 Apr 2023€872.0b€572.6b€49.4b17x17.6x1.5x
Thu, 23 Mar 2023€741.0b€546.7b€44.8b15.8x16.5x1.4x
Sat, 18 Feb 2023€913.0b€551.4b€49.3b15.7x18.5x1.7x
Mon, 16 Jan 2023€900.0b€540.9b€53.9b14.8x16.7x1.7x
Price to Earnings Ratio

16.7x


Total Market Cap: €900.0bTotal Earnings: €53.9bTotal Revenue: €540.9bTotal Market Cap vs Earnings and Revenue0%0%0%
Dutch Market Price to Earnings3Y Average 19.2x202420252026
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 21.6x which is higher than its 3-year average PE of 19.2x.
Past Earnings Growth
  • Both revenue and earnings for Dutch listed companies have remained mostly flat over the last three years.
  • This means sales and the cost of doing business have remained relatively consistent over this period and subsequently, so have profits.

Sector Trends

Which sectors have driven the changes within the Dutch Market?

NL Market4.04%
Tech10.23%
Healthcare8.15%
Industrials4.86%
Real Estate2.93%
Energy2.91%
Financials1.40%
Consumer Discretionary0.91%
Materials0.47%
Utilities0%0
Consumer Staples-1.88%
Telecom-3.62%
Sector PE
  • Investors favour the Tech sector the most for future growth, which is trading above its 3-year average PE ratio of 38.7x.
    • Analysts are expecting annual earnings growth of 13.9%, 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 30% over the next 5 years.
  • In contrast, the Telecom industry is expected to see its earnings growth to stay flat 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€1.01k9.9%
+€35.5b		38.0%PE41.5xTech
ASM ASM International€587.2013.4%
+€3.4b		-1.0%PE36.6xTech
ADYEN Adyen€1.44k4.6%
+€2.0b		-3.5%PE45.5xFinancials
PHIA Koninklijke Philips€25.298.8%
+€1.9b		1.6%PE139xHealthcare
INPST InPost€14.0033.7%
+€1.8b		-15.8%PE33xIndustrials
See more

Market Insights

Header cover image
Which Markets Will Sink or Swim in 2026? 🌍
Richard Bowman avatar
Richard Bowman
|
|
What research teams agree on – and where they don’t – heading into 2026.
Continue reading
Three Sectors Expected to Rally in 2026 📈
Last Week

Three Sectors Expected to Rally in 2026 📈

Latest News

AD
€33.74
Koninklijke Ahold Delhaize
7D
-3.2%
1Y
3.6%

AD: Margin Execution Risks Will Likely Persist Despite Ongoing Share Buyback

Analysts have nudged their fair value estimate for Koninklijke Ahold Delhaize up to about €29.29 from roughly €28.92, citing recent price target moves that range from a lower €24.57 level to higher targets of €36 and €41, along with updated views on margins and future P/E assumptions. Analyst Commentary Recent research on Koninklijke Ahold Delhaize reflects a wide range of opinions, with price targets spanning from about €24.57 up to €41.
INPST
€14.00
InPost
7D
33.7%
1Y
-15.8%
ASM
€587.20
ASM International
7D
13.4%
1Y
-1.0%
RAND
€31.38
Randstad
7D
-3.1%
1Y
-19.9%

RAND: Future Upside Will Depend On Stable Margins And Undervalued Earnings Multiple

Analysts have kept their fair value estimate for Randstad steady at €40.21 per share, with only marginal tweaks to the discount rate, revenue growth, profit margin and future P/E inputs, suggesting their overall price target framework is essentially unchanged. Valuation Changes Fair Value: Unchanged at €40.21 per share, indicating no adjustment to the core valuation outcome.
PHIA
€25.29
Koninklijke Philips
7D
8.8%
1Y
1.6%

These 4 Measures Indicate That Koninklijke Philips (AMS:PHIA) Is Using Debt Extensively

Jan 06
These 4 Measures Indicate That Koninklijke Philips (AMS:PHIA) Is Using Debt Extensively
ASML
€1,013.00
ASML Holding
7D
9.9%
1Y
38.0%
MICC
€13.06
Magnum Ice Cream
7D
-4.1%
1Y
n/a
UMG
€21.26
Universal Music Group
7D
-4.4%
1Y
-12.5%

Here's Why Universal Music Group (AMS:UMG) Can Manage Its Debt Responsibly

Dec 29
Here's Why Universal Music Group (AMS:UMG) Can Manage Its Debt Responsibly
ADYEN
€1,437.60
Adyen
7D
4.6%
1Y
-3.5%

ADYEN Margins And Partnerships Will Define Balanced Risk Reward Ahead

We modestly lift our Adyen price target to EUR 1,350 from EUR 1,400 as analysts point to solid net revenue performance, improving margins and a lower forward valuation multiple, partially offset by slightly softer growth expectations. Analyst Commentary Recent Street research reflects a generally constructive stance on Adyen, with higher price targets supported by solid net revenue trends and improving margins.
PRX
€53.32
Prosus
7D
0.9%
1Y
53.9%

PRX: Rising Earnings Visibility Will Narrow The Discount Through Tencent-Driven Cash Returns

Analysts have nudged their price target on Prosus higher to EUR 74 from EUR 69, reflecting slightly faster expected revenue growth and resilient long term profitability, despite a modest uptick in the assumed discount rate. Analyst Commentary Bullish analysts have highlighted a constructive backdrop for Prosus, pointing to a series of upward price target revisions that signal growing confidence in both execution and earnings resilience.
CCEP
€74.50
Coca-Cola Europacific Partners
7D
-3.9%
1Y
-0.1%

CCEP Margins And Cash Generation Will Support Upside From Current Levels

Analysts have modestly lowered their fair value estimate for Coca-Cola Europacific Partners from approximately €105.00 to about €98.92. This reflects slightly slower expected revenue growth, partially offset by improved profit margins and a reduced future price to earnings multiple.
BESI
€151.10
BE Semiconductor Industries
7D
13.0%
1Y
4.8%

BESI: Future Upside Will Depend On Premium Multiples And Share Buybacks

Analysts have raised their price target for BE Semiconductor Industries to EUR 160 from around EUR 147, citing sustained confidence in the company’s growth prospects and profitability profile. Analyst Commentary Recent research updates highlight a steady progression in valuation assumptions for BE Semiconductor Industries, with successive price target increases reflecting growing confidence in the company’s execution and medium term growth trajectory.
KPN
€3.89
Koninklijke KPN
7D
-2.1%
1Y
10.5%

Koninklijke KPN (AMS:KPN) Seems To Use Debt Quite Sensibly

Dec 21
Koninklijke KPN (AMS:KPN) Seems To Use Debt Quite Sensibly
MT
€40.26
ArcelorMittal
7D
3.0%
1Y
89.1%

Estimating The Intrinsic Value Of ArcelorMittal S.A. (AMS:MT)

Dec 19
Estimating The Intrinsic Value Of ArcelorMittal S.A. (AMS:MT)
DSFIR
€66.60
DSM-Firmenich
7D
-3.1%
1Y
-30.6%

DSFIR Commoditization And Chinese Competition Will Shape Future Margin Resilience Narrative

Analysts have reduced their average price target for DSM-Firmenich by roughly EUR 15, reflecting heightened concern over commoditization risks in European consumer ingredients, as well as intensifying competitive and pricing pressures from China. Analyst Commentary Bearish analysts have increasingly framed the recent wave of price target cuts as a reassessment of DSM-Firmenich's near term earnings power, with lower expectations for margin resilience in consumer ingredients.
AKZA
€58.30
Akzo Nobel
7D
-1.5%
1Y
2.7%

Is Akzo Nobel (AMS:AKZA) Using Too Much Debt?

Dec 05
Is Akzo Nobel (AMS:AKZA) Using Too Much Debt?