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Dutch (AEX) Market Analysis & Valuation

UpdatedJun 07, 2026
DataAggregated Company Financials
Companies99
  • 7D1.0%
  • 3M11.8%
  • 1Y30.5%
  • YTD13.6%

The Information Technology sector gained 4.5% while the market remained flat over the last week. As for the longer term, the market has risen 30% in the past 12 months. As for the next few years, earnings are expected to grow by 14% per annum.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 07 Jun 2026€1.4t€538.6b€61.4b18.1x22.2x2.5x
Tue, 05 May 2026€1.2t€538.0b€60.5b17.6x20.5x2.3x
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
Price to Earnings Ratio

19.1x


Total Market Cap: €925.1bTotal Earnings: €48.3bTotal Revenue: €586.5bTotal Market Cap vs Earnings and Revenue0%0%0%
Dutch Market Price to Earnings3Y Average 19.6x202420252026
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 22.2x which is higher than its 3-year average PE of 19.6x.
Past Earnings Growth
  • The earnings for Dutch listed companies have grown 8.3% per year over the last three years.
  • Meanwhile revenues for these companies have declined 2.8% 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 Market1.00%
Tech4.53%
Energy2.74%
Consumer Discretionary2.61%
Consumer Staples0.89%
Healthcare-0.67%
Industrials-2.60%
Financials-3.36%
Materials-3.41%
Real Estate-4.29%
Telecom-5.44%
Utilities-10.71%
Sector PE
  • Investors favour the Tech sector the most for future growth, which is trading above its 3-year average PE ratio of 39.7x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 17.1%, 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
ASML ASML Holding€1.46k5.6%
+€29.8b		119.0%PE56.2xTech
PRX Prosus€40.152.9%
+€2.5b		-15.0%PE8xConsumer Discretionary
CCEP Coca-Cola Europacific Partners€81.203.8%
+€1.3b		-0.4%PE18.5xConsumer Staples
MICC Magnum Ice Cream€14.846.8%
+€579.2m		n/aPE31xConsumer Staples
WKL Wolters Kluwer€63.484.0%
+€550.7m		-59.2%PE10.9xIndustrials
See more

Market Insights

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Latest News

WKL
€63.48
Wolters Kluwer
7D
4.0%
1Y
-59.2%
Narrative Update • Jun 06

WKL: Expanded AI Partnerships Will Support Long Term Upside Potential

Narrative Update The analyst price target for Wolters Kluwer has been reduced by approximately €6.50 as analysts factor in modestly lower fair value assumptions, a slightly higher discount rate and softer revenue growth expectations, while still recognizing solid profit margins and a quality profile that, in their view, supports Neutral ratings and limited re-rating catalysts. Analyst Commentary Recent Street research on Wolters Kluwer has centered on valuation discipline and the balance between quality fundamentals and limited share price catalysts.
INGA
€25.97
ING Groep
7D
-2.7%
1Y
39.6%
Narrative Update • Jun 06

INGA: Future Returns Will Depend On Buybacks And Reliable Earnings Execution

Analysts have lifted the ING Groep price target to €28.01 from €27.70, reflecting updated assumptions on fair value, discount rate, revenue growth, profit margin and future P/E after a series of recent target increases from major banks. Analyst Commentary Recent Street research around ING Groep has been active, with several bullish analysts lifting price targets and at least one more cautious voice downgrading the stock.
BESI
€271.40
BE Semiconductor Industries
7D
-4.6%
1Y
138.9%
Narrative Update • Jun 05

BESI: Takeover Interest And AI Packaging Strength Will Reprice Future Earnings

Analyst fair value for BE Semiconductor Industries has been adjusted from €340 to €345. This aligns with a series of higher Street price targets from multiple firms as analysts point to updated assumptions on revenue growth, profitability and future P/E levels.
CSG
€14.89
CSG
7D
-17.2%
1Y
n/a
UMG
€18.15
Universal Music Group
7D
-6.9%
1Y
-33.7%
VPK
€46.56
Koninklijke Vopak
7D
1.7%
1Y
14.0%
Narrative Update • Jun 05

VPK: LNG Expansion And Capital Returns Will Shape Fairly Valued Outlook

Analysts have kept their fair value estimate for Koninklijke Vopak steady at €44.50. The latest price target update reflects a slightly higher discount rate, a revised long term profit margin assumption of 30.34%, and a lower future P/E of 14.20, following recent research including a downgrade at Oddo BHF.
ADYEN
€817.40
Adyen
7D
-13.0%
1Y
-52.6%
SBMO
€33.84
SBM Offshore
7D
3.7%
1Y
59.3%
Narrative Update • Jun 04

SBMO: Project Pipeline And Capital Returns Will Shape Future Risk Reward Balance

Analysts have raised their price target for SBM Offshore to about €37.20 from roughly €31.95, citing updated assumptions around discount rates, revenue trends, margins and future P/E as key drivers behind the change. Analyst Commentary Recent research on SBM Offshore reflects a mixed picture, with some firms lifting price targets while others take a more cautious stance.
RAND
€27.36
Randstad
7D
3.9%
1Y
-25.1%
Narrative Update • Jun 04

RAND: Future Margin Resilience Seen As LTM Deal And Downgrade Reset Expectations

Analysts have trimmed their price target on Randstad to about €50.55 from roughly €52.39, citing slightly more cautious assumptions on revenue growth and P/E multiples. This shift is partly reflected in a recent downgrade at Citi.
ASML
€1,462.20
ASML Holding
7D
5.6%
1Y
119.0%
Narrative Update • Jun 04

ASML: Future AI And Memory Demand Will Balance China And Cost Risks

ASML Holding's fair value estimate is updated to €1,506.91 from €1,482.76, reflecting analysts' higher price targets around €1,660 to €1,900 and their focus on stronger lithography demand, capacity expansion potential, and the company's positioning in memory and North America. Analyst Commentary Bullish Takeaways Bullish analysts are lifting price targets on ASML into a range around €1,660 to €1,900 and about US$2,200, which points to higher implied expectations for execution and earnings power than previously embedded in many models.
CCEP
€81.20
Coca-Cola Europacific Partners
7D
3.8%
1Y
-0.4%
ASM
€867.00
ASM International
7D
-3.5%
1Y
71.5%
Narrative Update • Jun 03

ASM: Elevated Earnings Hopes In 2026 Will Face High-Expectation Risk

ASM International’s updated analyst price target has been lifted by about €220, with analysts pointing to higher modeled fair value, a revised discount rate, and changes to revenue growth, profit margin assumptions, and future P/E, alongside a series of recent target hikes from major banks. Analyst Commentary Recent Street research on ASM International has centered on higher price targets, with several large banks adjusting their modeled fair values.
AKZA
€57.32
Akzo Nobel
7D
-12.7%
1Y
-1.6%
Narrative Update • Jun 02

AKZA: Margin Delivery And Downgrade Reset Will Shape Fairly Valued Repricing

Akzo Nobel's analyst price target has been cut by around €1 to €61, as analysts factor in more cautious assumptions on revenue growth and profitability following recent target reductions and downgrades from several major banks. Analyst Commentary Recent Street research on Akzo Nobel clusters around a series of target cuts and rating downgrades, with most analysts reworking their valuation frameworks to reflect more cautious assumptions on revenue growth and profitability.
PRX
€40.15
Prosus
7D
2.9%
1Y
-15.0%
Narrative Update • Jun 01

PRX: Future Upside Will Depend On Delivering Against Recalibrated Expectations

Narrative update on Prosus Analysts have trimmed their average price targets on Prosus by several euros, with recent cuts such as €74 to €73 and €74 to €57. These changes reflect updated views on growth, profitability and future P/E assumptions, even as fair value in this framework holds steady at €51.00.
DSFIR
€67.94
DSM-Firmenich
7D
-5.8%
1Y
-30.4%
MICC
€14.84
Magnum Ice Cream
7D
6.8%
1Y
n/a