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

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 23.8x which is higher than its 3-year average PE of 19.7x.

Which sectors have driven the changes within the Dutch Market?

Investors favour the Tech sector the most for future growth, which is trading above its 3-year average PE ratio of 40.0x. 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.

Dutch (AEX) Market Analysis & Valuation

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Wed, 24 Jun 2026	€1.4t	€539.4b	€61.6b	18x	23x	2.6x
Fri, 22 May 2026	€1.3t	€538.1b	€61.3b	18x	21.7x	2.5x
Sun, 19 Apr 2026	€1.3t	€547.7b	€60.9b	17.7x	21.6x	2.4x
Tue, 17 Mar 2026	€1.3t	€539.5b	€61.1b	16.4x	20.7x	2.3x
Thu, 12 Feb 2026	€1.3t	€545.4b	€58.3b	17.3x	22x	2.3x
Sat, 10 Jan 2026	€1.2t	€541.3b	€54.8b	16.9x	21.8x	2.2x
Mon, 08 Dec 2025	€1.1t	€533.3b	€54.2b	17x	20.4x	2.1x
Wed, 05 Nov 2025	€1.1t	€532.5b	€53.7b	16.9x	20.7x	2.1x
Fri, 03 Oct 2025	€1.1t	€534.7b	€52.9b	17.3x	21x	2.1x
Sun, 31 Aug 2025	€1.0t	€549.7b	€67.2b	16.7x	15x	1.8x
Tue, 29 Jul 2025	€1.0t	€544.8b	€62.7b	18.3x	16.3x	1.9x
Thu, 26 Jun 2025	€1.0t	€542.8b	€62.1b	18.2x	16.7x	1.9x
Sat, 24 May 2025	€1.0t	€543.8b	€58.4b	19.1x	17.5x	1.9x
Mon, 21 Apr 2025	€926.8b	€543.4b	€58.2b	15.6x	15.9x	1.7x
Wed, 19 Mar 2025	€1.0t	€566.4b	€58.4b	18.5x	17.6x	1.8x
Fri, 14 Feb 2025	€1.1t	€571.3b	€57.4b	17.1x	18.7x	1.9x
Sun, 12 Jan 2025	€992.8b	€566.9b	€51.9b	16x	19.1x	1.8x
Tue, 10 Dec 2024	€1.0t	€561.8b	€51.5b	17.4x	19.5x	1.8x
Thu, 07 Nov 2024	€960.6b	€561.3b	€51.0b	17.5x	18.8x	1.7x
Sat, 05 Oct 2024	€1.0t	€561.5b	€52.7b	17.2x	19.9x	1.9x
Mon, 02 Sep 2024	€1.1t	€567.0b	€40.1b	16.6x	26.3x	1.9x
Wed, 31 Jul 2024	€1.0t	€562.7b	€39.9b	16.6x	25.8x	1.8x
Fri, 28 Jun 2024	€1.1t	€562.0b	€41.2b	16x	27x	2x
Sun, 26 May 2024	€1.1t	€561.5b	€44.5b	17.4x	24.8x	2x
Tue, 23 Apr 2024	€1.0t	€565.9b	€45.2b	16.1x	22.1x	1.8x
Thu, 21 Mar 2024	€1.0t	€546.8b	€46.3b	16.2x	21.9x	1.8x
Sat, 17 Feb 2024	€1.0t	€564.4b	€49.0b	16x	20.6x	1.8x
Mon, 15 Jan 2024	€903.9b	€590.3b	€60.1b	16.4x	15x	1.5x
Wed, 13 Dec 2023	€911.6b	€598.1b	€60.5b	15.7x	15.1x	1.5x
Fri, 10 Nov 2023	€851.5b	€601.3b	€59.8b	15.7x	14.2x	1.4x
Sun, 08 Oct 2023	€818.5b	€592.5b	€50.4b	15.7x	16.3x	1.4x
Tue, 05 Sep 2023	€910.5b	€588.1b	€49.1b	17.1x	18.5x	1.5x
Thu, 03 Aug 2023	€916.2b	€583.1b	€53.7b	16.2x	17.1x	1.6x
Sat, 01 Jul 2023	€917.3b	€584.1b	€52.0b	16.5x	17.6x	1.6x


NL Market	1.09%
Financials	3.40%
Healthcare	2.37%
Tech	2.28%
Telecom	1.23%
Energy	0.40%
Industrials	-0.85%
Consumer Staples	-1.47%
Real Estate	-1.79%
Materials	-3.26%
Consumer Discretionary	-4.35%
Utilities	-10.20%

Company	Last Price	7D	1Y	Valuation	Sector
INGA ING Groep	€27.92	4.0% +€3.0b	51.9%	PB1.6x	Financials
ABN ABN AMRO Bank	€37.76	4.3% +€1.3b	63.3%	PB1.1x	Financials
HEIA Heineken	€72.56	3.0% +€1.1b	-4.0%	PE20.7x	Consumer Staples
DSFIR DSM-Firmenich	€76.34	4.2% +€757.4m	-19.9%	PE69x	Materials
UMG Universal Music Group	€18.36	1.4% +€476.6m	-33.0%	PE22x	Telecom

Announcement • 5h

Prosus Introduces ToqanClaw Platform That Enables Creation of Apps, Dashboards and Automations from A Single Conversation

Prosus introduced ToqanClaw, a platform that lets anyone create apps, dashboards and automations just by describing what they need, the way they'd explain it to a colleague. No code. No IT queue, and no dependency on engineers. It's ready immediately. Built in-house and integrated with Prosus' own AI platform, Toqan, it brings many of OpenClaw's features into a secure environment, where your data stays under your control and is never used to train third-party models. Prosus becomes the first company in Europe, and one of only a handful worldwide, to bring this capability to scale for its partners: 5 million+ restaurants, merchants and entrepreneurs who until now have been left behind by AI for lack of technical teams. It also costs less than the alternatives, intelligently routing across 20+ models to deliver the best outcome for your needs. ToqanClaw is delivering real results for restaurant partners. Lebkov & Sons, a Dutch café chain, used it to cut financial reporting from weeks to 30 minutes and achieve 40% year-on-year revenue growth. Burger & Frites, a Rotterdam burger chain, built a delivery analytics agent that increased deliveries by 25%, cut overtime by 60%, and is saving the business €21,000 a month. Poke Perfect, a Dutch poke bowl chain, created an operations assistant accessible via WhatsApp that reduced routine staff queries by 70%, freeing teams to focus on customers. Prosus has trained its own specialised AI model for commerce, Large Commerce Model (LCM), on data from more than 1 billion customers and 500 million daily interactions. When connected to ToqanClaw, the model allows agents to move beyond executing tasks and start anticipating what a business needs before anyone asks. Assistants that answer, agents that act. Zapia, the AI assistant that gets things done for you, is also introduced. 6M+ consumers are already using Zapia, backed by Prosus, to get things done, booking restaurants, managing inboxes, and coordinating schedules. Zapia handles tasks such as finding a restaurant in Barcelona for eight people this Saturday at nine, with good vegetarian options, dropping the shortlist in the family WhatsApp, waiting for everyone to vote, and booking it. Zapia is available now on the App Store, Google Play, and at app.zapia.com. The free tier covers the majority of personal use cases, which is rare in a category where most products monetise aggressively from the first prompt. A Pro plan adds capacity for heavier users.

Announcement • Jun 22

CSG Unveils Tadeas 4×4 Armoured Vehicle, Trident Multi-Layered Air Defence System, And New Meander Vehicle For Military Applications

CSG presented new products, technological solutions and strategic projects developed by its companies for modern armed forces at the Eurosatory 2026 international defence and security exhibition in Paris. The first day of the exhibition saw the world premiere of the Tadeas 4×4 armoured vehicle in its command vehicle configuration. The new platform was unveiled at the CSG stand. The vehicle complements the already available Tadeas 6×6 variant and further expands the portfolio of modern armoured platforms based on Tatra chassis solutions. It is designed primarily for customers seeking a highly mobile and resilient vehicle for command, communications, reconnaissance and other specialised missions. The Tadeas 4×4 features a welded armoured hull providing a high level of protection, which can be enhanced with additional armour kits up to STANAG 4569 Level 4 ballistic protection. The vehicle roof can be fitted with light weapon mounts or remotely controlled weapon stations. Additional advantages include the use of common chassis and electronic components shared with the third-generation Tatra Force product line, as well as the option to select powertrains from Tatra, Cummins or Caterpillar. The opening day of the exhibition also saw the signing of a significant agreement between AviaNera Technologies, a member of the CSG group, and Ukrainian Armor LLC. The partners signed a strategic cooperation agreement focused on the development and supply of advanced propulsion systems for Ukrainian guided missiles and unmanned platforms. The agreement covers the supply of engines across multiple performance categories and also envisages the future establishment of a joint venture, the expansion of manufacturing capacities, and the localisation of relevant technologies in Ukraine. The second day of Eurosatory 2026 also featured the official unveiling of the Trident multi-layered air defence system at the CSG stand. Trident is a modular short-, medium- and long-range air defence system designed to protect military formations, strategic assets and larger territorial areas against aircraft, helicopters, guided missiles, unmanned aerial systems and other airborne threats. Its configuration can be tailored to specific customer requirements. In addition to surface-to-air missiles, the system can integrate gun-based weapon systems, counter-UAS solutions, electronic warfare capabilities and jamming systems. Several CSG companies, together with the international partner Roketsan, contribute to the Trident programme. Excalibur International serves as the system architect and prime integrator. Retia provides the radar systems as well as the command-and-control solution, while Tatra Trucks supplies the chassis platforms. Tatra Defence is responsible for the armoured cabins, mission superstructures and missile launcher platforms. The strategic partner Roketsan of Türkiye supplies short-, medium- and long-range surface-to-air missiles together with their launch canisters. A standard Trident battery includes, among other elements, the ReCUBE command-and-control centre, missile launcher and reload vehicles, mobile ReSAURION 3D AESA radars, and maintenance support vehicles. On the second day of the exhibition, Excalibur Army, a member of the CSG group, and New Space Technologies (NST), part of the KRILL B. P. holding company, signed a cooperation agreement for the development of a new special-purpose military vehicle, the Meander. The Meander will be based on the proven Kalan vehicle platform and adapted to meet the requirements of modern armed forces. Excalibur Army will be primarily responsible for defining military, operational, and user requirements, while NST will provide technical, engineering, and manufacturing development, including the production of the first prototype. The first Meander vehicle will be officially unveiled at the Future Forces Forum in Prague in October 2026. The agreement has been concluded for a period of three years and covers joint technical design activities, the exchange of expert knowledge and information, vehicle testing and validation, and coordination of the programme’s further development. It also establishes a framework for long-term cooperation between the two companies in the development of advanced defence technologies and represents an important step towards combining the engineering, manufacturing, and commercial capabilities of both partners. At Eurosatory 2026, the CSG group companies Tatra Defence, Tatra Export, Excalibur International, Excalibur Army, MSM Land Systems, MSM Group, Retia, Eldis, AviaNera Technologies, and the Fiocchi Munizioni, Federal, Speer and CCI brands united under the CSG Ammo+ division exhibited together within a joint CSG stand. Among the exhibits were the world-premiere presentation of the Tadeas 4×4 vehicle, the third-generation Tatra Force 8×8 equipped with a hook-lift system and a ReCUBE command centre container, the CFL-120 Karpat medium tank, selected components of the Trident air defence system, a model of the Korkut air defence system, the Deep Strike unmanned system project, artillery and tank ammunition, various types of medium-calibre ammunition, models of the Eldis RL-3000 and PAR-NG airport surveillance radars, compact jet engines produced by AviaNera Technologies, and the portfolio of small-calibre and shotgun ammunition offered by the CSG Ammo+ brands.

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