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

Dutch (AEX) Market Analysis & Valuation

UpdatedJun 25, 2026
DataAggregated Company Financials
Companies99
  • 7D-3.3%
  • 3M18.6%
  • 1Y36.7%
  • YTD17.9%

Over the last 7 days, the market has dropped 3.3%, driven by a pullback of 6.2% in the Information Technology sector. Meanwhile, the Consumer Staples sector has outperformed, gaining 3.5% in that time. In contrast to the last week, the market is actually up 37% over the past year. As for the next few years, earnings are expected to grow by 15% per annum.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 25 Jun 2026€1.4t€539.6b€61.6b18x22.9x2.6x
Sat, 23 May 2026€1.4t€538.1b€61.3b18x22.2x2.5x
Mon, 20 Apr 2026€1.3t€547.7b€60.9b17.7x21.6x2.4x
Wed, 18 Mar 2026€1.3t€538.7b€60.9b16.5x20.9x2.4x
Fri, 13 Feb 2026€1.3t€544.7b€59.0b16.7x21.2x2.3x
Sun, 11 Jan 2026€1.2t€541.3b€54.8b16.9x21.8x2.2x
Tue, 09 Dec 2025€1.1t€533.4b€54.3b16.6x20.4x2.1x
Thu, 06 Nov 2025€1.1t€532.5b€53.7b16.8x20.7x2.1x
Sat, 04 Oct 2025€1.1t€534.6b€52.9b17.6x21.1x2.1x
Mon, 01 Sep 2025€1.0t€549.8b€67.1b16.7x15x1.8x
Wed, 30 Jul 2025€1.0t€543.7b€63.9b18.3x15.9x1.9x
Fri, 27 Jun 2025€1.0t€542.6b€62.0b18.3x16.6x1.9x
Sun, 25 May 2025€1.0t€543.8b€58.4b19.1x17.5x1.9x
Tue, 22 Apr 2025€926.8b€542.8b€58.2b15.7x15.9x1.7x
Thu, 20 Mar 2025€1.0t€566.9b€58.5b18.5x17.7x1.8x
Sat, 15 Feb 2025€1.1t€569.9b€57.8b17x18.7x1.9x
Mon, 13 Jan 2025€992.8b€564.0b€51.7b16.1x19.2x1.8x
Wed, 11 Dec 2024€999.8b€562.2b€51.5b17.3x19.4x1.8x
Fri, 08 Nov 2024€972.9b€560.9b€50.9b17.4x19.1x1.7x
Sun, 06 Oct 2024€1.0t€561.5b€52.7b17.8x19.9x1.9x
Tue, 03 Sep 2024€1.1t€566.9b€40.1b16.7x26.4x1.9x
Thu, 01 Aug 2024€1.1t€564.5b€40.4b16.7x26.1x1.9x
Sat, 29 Jun 2024€1.1t€561.9b€41.2b16.1x26.9x2x
Mon, 27 May 2024€1.1t€472.8b€42.7b18x25.3x2.3x
Wed, 24 Apr 2024€1.0t€565.5b€45.2b16.3x22.6x1.8x
Fri, 22 Mar 2024€1.0t€547.3b€46.3b16.3x22.4x1.9x
Sun, 18 Feb 2024€1.0t€566.9b€48.5b16x20.9x1.8x
Tue, 16 Jan 2024€901.3b€590.3b€60.1b16.2x15x1.5x
Thu, 14 Dec 2023€913.9b€598.1b€60.5b15.9x15.1x1.5x
Sat, 11 Nov 2023€846.9b€599.4b€59.8b15.6x14.2x1.4x
Mon, 09 Oct 2023€818.3b€592.5b€50.4b15.7x16.3x1.4x
Wed, 06 Sep 2023€907.7b€588.6b€49.2b17.1x18.4x1.5x
Fri, 04 Aug 2023€910.1b€582.7b€53.5b16.2x17x1.6x
Sun, 02 Jul 2023€928.4b€584.1b€52.0b16.5x17.8x1.6x
Price to Earnings Ratio

17.8x


Total Market Cap: €928.4bTotal Earnings: €52.0bTotal Revenue: €584.1bTotal Market Cap vs Earnings and Revenue0%0%0%
Dutch Market Price to Earnings3Y Average 19.7x202420252026
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 22.9x which is higher than its 3-year average PE of 19.7x.
Past Earnings Growth
  • The earnings for Dutch listed companies have grown 5.8% per year over the last three years.
  • Meanwhile revenues for these companies have declined 2.6% 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-3.35%
Utilities36.36%
Consumer Staples3.49%
Healthcare2.13%
Real Estate1.57%
Telecom0.16%
Energy-1.19%
Financials-1.21%
Materials-1.50%
Consumer Discretionary-1.99%
Industrials-3.91%
Tech-6.25%
Sector PE
  • Investors favour the Tech sector the most for future growth, which is trading above its 3-year average PE ratio of 40.1x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 17.6%, 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?

CompanyLast Price7D1YValuationSector
HEIA Heineken€74.566.1%
+€2.3b		2.3%PE21.3xConsumer Staples
DSFIR DSM-Firmenich€80.988.5%
+€1.6b		-11.5%PE73.2xMaterials
CCEP Coca-Cola Europacific Partners€87.903.8%
+€1.4b		11.8%PE20xConsumer Staples
HEIO Heineken Holding€67.506.0%
+€1.0b		7.5%PE19.2xConsumer Staples
KPN Koninklijke KPN€4.453.8%
+€619.8m		8.8%PE20.2xTelecom
See more

Market Insights

Header cover image
Every trend sets off ripples. The further out you think, the less crowded it gets.
Continue reading
The gravity of the SpaceX IPO

Latest News

AKZA
€61.32
Akzo Nobel
7D
2.9%
1Y
3.0%
CSG
€12.35
CSG
7D
-13.4%
1Y
n/a
PRX
€37.78
Prosus
7D
-3.4%
1Y
-21.1%
ASML
€1,594.00
ASML Holding
7D
-4.9%
1Y
135.3%
ADYEN
€821.90
Adyen
7D
-9.1%
1Y
-46.4%
Narrative Update • Jun 24

ADYEN: AI Commerce And Billing Expansion Should Support Future Margin Resilience

Analysts have slightly reduced their fair value estimate for Adyen from €1,904 to €1,900. This reflects mixed recent research, with some firms raising price targets and others lowering ratings as they reassessed revenue growth, profit margins and appropriate P/E levels.
DSFIR
€80.50
DSM-Firmenich
7D
4.9%
1Y
-12.4%
Narrative Update • Jun 24

DSFIR: Share Buyback And New Listing Plan Will Shape Future Re Rating

The updated analyst price target for DSM-Firmenich now sits at €79.37, a marginal adjustment from €79.82. This reflects a blend of more cautious discounting and slightly revised assumptions on revenue growth, profitability, and future P/E as analysts react to recent mixed target changes across the Street.
NN
€76.54
NN Group
7D
3.3%
1Y
36.5%
Narrative Update • Jun 24

NN: Future Returns Will Rely On Margin Delivery And Stable P/E Expectations

Analysts have made a small reduction in the fair value estimate for NN Group to €73.90 from €73.91, while also pointing to a higher Street price target of €72. This reflects updated discount rate assumptions and a modestly lower future P/E input.
HEIA
€73.22
Heineken
7D
3.5%
1Y
0.08%
MT
€54.28
ArcelorMittal
7D
-2.8%
1Y
101.0%
BESI
€289.10
BE Semiconductor Industries
7D
-9.0%
1Y
122.7%
Narrative Update • Jun 22

BESI: AI Packaging Demand And Higher Margin Targets Will Reprice Future Earnings

BE Semiconductor Industries' analyst price target has been revised higher from €345 to €401. This change reflects analysts' updated assumptions for revenue growth, profit margins, and future P/E multiples following a series of upward target moves across major banks.
UMG
€18.23
Universal Music Group
7D
-2.5%
1Y
-32.0%
Narrative Update • Jun 22

UMG: AI Audio Partnerships Will Support Future Catalog Monetization Power

Analysts have raised their price target on Universal Music Group to €48.10 from €41, reflecting updated assumptions around slightly lower discount rates, modestly higher revenue growth and margins, and support from new AI-driven partnerships with Spotify. Analyst Commentary Recent research on Universal Music Group highlights growing interest in how the company is positioned within the evolving music and audio ecosystem, especially around its AI partnerships and licensing role with major streaming platforms like Spotify.
ASM
€991.00
ASM International
7D
-7.4%
1Y
83.7%
AD
€35.13
Koninklijke Ahold Delhaize
7D
1.8%
1Y
-0.1%
Narrative Update • Jun 18

AD: Future U S Execution And CEO Transition Will Support Upside

The analyst fair value estimate for Koninklijke Ahold Delhaize has been reduced from €47.00 to €44.00 as analysts factor in a slightly lower revenue growth outlook, modestly adjusted discount rate and P/E assumptions, and rising U.S. grocery competition alongside the leadership transition at the company. Analyst Commentary Recent Street research on Koninklijke Ahold Delhaize highlights a mix of caution around U.S. grocery trends and leadership changes, alongside targeted pockets of optimism on execution and valuation.
PHIA
€23.93
Koninklijke Philips
7D
1.8%
1Y
16.6%
CCEP
€87.70
Coca-Cola Europacific Partners
7D
3.1%
1Y
11.6%
Narrative Update • Jun 15

CCEP: Pricing Power And Cost Control Will Support Future Returns

Analysts have lifted the Coca-Cola Europacific Partners price target to €110, citing the company's pricing power, ability to manage cost inflation, and perceived relative value at current levels. Analyst Commentary Bullish analysts are leaning into a constructive view on Coca-Cola Europacific Partners, pointing to the latest price target of €110 as a reflection of confidence in the company’s ability to balance pricing, costs, and earnings growth.
HEIO
€66.65
Heineken Holding
7D
4.4%
1Y
6.0%