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Dutch (AEX) Market Analysis & Valuation

UpdatedJun 24, 2026
DataAggregated Company Financials
Companies99
  • 7D-1.2%
  • 3M15.6%
  • 1Y35.9%
  • YTD18.0%

Over the last 7 days, the market has dropped 1.2%, driven by a loss of 1.7% in the Information Technology sector. In the last year, the market is actually up 36%. Earnings are forecast to grow by 15% annually.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 24 Jun 2026€1.4t€539.4b€61.6b18x23x2.6x
Fri, 22 May 2026€1.3t€538.1b€61.3b18x21.7x2.5x
Sun, 19 Apr 2026€1.3t€547.7b€60.9b17.7x21.6x2.4x
Tue, 17 Mar 2026€1.3t€539.5b€61.1b16.4x20.7x2.3x
Thu, 12 Feb 2026€1.3t€545.4b€58.3b17.3x22x2.3x
Sat, 10 Jan 2026€1.2t€541.3b€54.8b16.9x21.8x2.2x
Mon, 08 Dec 2025€1.1t€533.3b€54.2b17x20.4x2.1x
Wed, 05 Nov 2025€1.1t€532.5b€53.7b16.9x20.7x2.1x
Fri, 03 Oct 2025€1.1t€534.7b€52.9b17.3x21x2.1x
Sun, 31 Aug 2025€1.0t€549.7b€67.2b16.7x15x1.8x
Tue, 29 Jul 2025€1.0t€544.8b€62.7b18.3x16.3x1.9x
Thu, 26 Jun 2025€1.0t€542.8b€62.1b18.2x16.7x1.9x
Sat, 24 May 2025€1.0t€543.8b€58.4b19.1x17.5x1.9x
Mon, 21 Apr 2025€926.8b€543.4b€58.2b15.6x15.9x1.7x
Wed, 19 Mar 2025€1.0t€566.4b€58.4b18.5x17.6x1.8x
Fri, 14 Feb 2025€1.1t€571.3b€57.4b17.1x18.7x1.9x
Sun, 12 Jan 2025€992.8b€566.9b€51.9b16x19.1x1.8x
Tue, 10 Dec 2024€1.0t€561.8b€51.5b17.4x19.5x1.8x
Thu, 07 Nov 2024€960.6b€561.3b€51.0b17.5x18.8x1.7x
Sat, 05 Oct 2024€1.0t€561.5b€52.7b17.2x19.9x1.9x
Mon, 02 Sep 2024€1.1t€567.0b€40.1b16.6x26.3x1.9x
Wed, 31 Jul 2024€1.0t€562.7b€39.9b16.6x25.8x1.8x
Fri, 28 Jun 2024€1.1t€562.0b€41.2b16x27x2x
Sun, 26 May 2024€1.1t€561.5b€44.5b17.4x24.8x2x
Tue, 23 Apr 2024€1.0t€565.9b€45.2b16.1x22.1x1.8x
Thu, 21 Mar 2024€1.0t€546.8b€46.3b16.2x21.9x1.8x
Sat, 17 Feb 2024€1.0t€564.4b€49.0b16x20.6x1.8x
Mon, 15 Jan 2024€903.9b€590.3b€60.1b16.4x15x1.5x
Wed, 13 Dec 2023€911.6b€598.1b€60.5b15.7x15.1x1.5x
Fri, 10 Nov 2023€851.5b€601.3b€59.8b15.7x14.2x1.4x
Sun, 08 Oct 2023€818.5b€592.5b€50.4b15.7x16.3x1.4x
Tue, 05 Sep 2023€910.5b€588.1b€49.1b17.1x18.5x1.5x
Thu, 03 Aug 2023€916.2b€583.1b€53.7b16.2x17.1x1.6x
Sat, 01 Jul 2023€917.3b€584.1b€52.0b16.5x17.6x1.6x
Price to Earnings Ratio

17.6x


Total Market Cap: €917.3bTotal 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 23.0x 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-1.18%
Telecom1.36%
Healthcare1.29%
Energy1.15%
Financials0.59%
Consumer Staples0.23%
Utilities0%0
Real Estate-0.87%
Tech-1.69%
Industrials-2.03%
Materials-2.25%
Consumer Discretionary-4.73%
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

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Latest News

CSG
€12.78
CSG
7D
-13.2%
1Y
n/a
DSFIR
€80.98
DSM-Firmenich
7D
8.5%
1Y
-11.5%
PRX
€38.42
Prosus
7D
-2.0%
1Y
-20.1%
HEIA
€74.56
Heineken
7D
6.1%
1Y
2.3%
MT
€54.22
ArcelorMittal
7D
-6.2%
1Y
104.1%
BESI
€292.90
BE Semiconductor Industries
7D
-5.5%
1Y
126.7%
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.
ADYEN
€844.00
Adyen
7D
-5.0%
1Y
-46.7%
New Narrative • Jun 22

Adyen’s next debate is not about payments growth, but whether its new layers actually become cash flow

The market is no longer debating whether Adyen is a good company. That part is settled.
ASML
€1,553.80
ASML Holding
7D
-6.2%
1Y
123.7%
ASM
€969.20
ASM International
7D
-7.3%
1Y
78.6%
CVC
€12.53
CVC Capital Partners
7D
-5.9%
1Y
-21.8%
Narrative Update • Jun 19

CVC: AI Investment And Deal Pipeline Will Support Future Premium Earnings

Analysts have reduced their price target for CVC Capital Partners stock by €1.50 to reflect updated assumptions around fair value, the discount rate, revenue growth, profit margins and future P/E expectations. What's in the News for CVC Capital Partners CVC Capital Partners CEO Rob Lucas highlighted artificial intelligence as crucial for managing portfolio companies and preparing them for technological change, pointing to significant long term implications for the private equity industry (source: recent interview coverage).
PHIA
€23.64
Koninklijke Philips
7D
2.1%
1Y
15.4%
AKZA
€60.82
Akzo Nobel
7D
3.1%
1Y
2.7%
Narrative Update • Jun 16

AKZA: Merger Execution And Downgrade Reset Will Shape Fairly Valued Shares

Akzo Nobel's analyst price target has inched up to about €61.70 from roughly €61.18, as analysts factor in slightly higher fair value estimates and updated assumptions for discount rate, revenue growth and P/E. This follows mixed recent research that includes a resumed Buy rating and several price target cuts and downgrades.
CCEP
€87.90
Coca-Cola Europacific Partners
7D
3.8%
1Y
11.8%
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.
KPN
€4.45
Koninklijke KPN
7D
3.8%
1Y
8.8%
HEIO
€67.50
Heineken Holding
7D
6.0%
1Y
7.5%
NN
€75.90
NN Group
7D
2.2%
1Y
35.9%
New Narrative • Jun 10

Pension Reform And AI Adoption Will Transform Earnings Quality Over The Coming Years

Catalysts About NN Group NN Group is an insurance and investment management company offering life, non life and pension products, with a growing focus on capital light and fee based businesses. What are the underlying business or industry changes driving this perspective?