Dutch (AEX) Market Analysis & Valuation

Market Valuation and Performance

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

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Sat, 25 Jul 2026	€1.4t	€543.8b	€60.8b	18.3x	23.3x	2.6x
Mon, 22 Jun 2026	€1.5t	€538.9b	€61.5b	17.8x	23.8x	2.7x
Wed, 20 May 2026	€1.3t	€537.9b	€61.2b	17.7x	21x	2.4x
Fri, 17 Apr 2026	€1.3t	€547.6b	€60.9b	17.3x	21.2x	2.4x
Sun, 15 Mar 2026	€1.3t	€539.5b	€61.1b	16.4x	20.7x	2.3x
Tue, 10 Feb 2026	€1.3t	€545.2b	€57.6b	17.3x	22.1x	2.3x
Thu, 08 Jan 2026	€1.2t	€541.0b	€54.8b	16.9x	21.6x	2.2x
Sat, 06 Dec 2025	€1.1t	€533.4b	€54.2b	17x	20.4x	2.1x
Mon, 03 Nov 2025	€1.1t	€532.4b	€53.7b	17x	20.8x	2.1x
Wed, 01 Oct 2025	€1.1t	€534.6b	€52.9b	17.1x	20.5x	2x
Fri, 29 Aug 2025	€1.0t	€549.2b	€66.7b	16.7x	15.2x	1.9x
Sun, 27 Jul 2025	€1.0t	€543.9b	€62.5b	18.9x	16.3x	1.9x
Tue, 24 Jun 2025	€1.0t	€543.3b	€62.2b	18.1x	16.5x	1.9x
Thu, 22 May 2025	€1.0t	€544.0b	€58.4b	19.1x	17.9x	1.9x
Sat, 19 Apr 2025	€926.7b	€543.4b	€58.2b	15.6x	15.9x	1.7x
Mon, 17 Mar 2025	€1.0t	€567.4b	€58.1b	18.3x	17.5x	1.8x
Wed, 12 Feb 2025	€1.0t	€572.6b	€57.8b	17.2x	18x	1.8x
Fri, 10 Jan 2025	€1.0t	€566.5b	€51.8b	16.1x	19.4x	1.8x
Sun, 08 Dec 2024	€1.0t	€561.8b	€51.5b	17.4x	19.5x	1.8x
Tue, 05 Nov 2024	€967.0b	€560.3b	€50.9b	17.6x	19x	1.7x
Thu, 03 Oct 2024	€1.0t	€560.9b	€52.6b	17.5x	19.8x	1.9x
Sat, 31 Aug 2024	€1.1t	€567.0b	€40.1b	16.6x	26.4x	1.9x
Mon, 29 Jul 2024	€1.0t	€561.9b	€41.5b	16.5x	25x	1.8x
Wed, 26 Jun 2024	€1.1t	€561.9b	€41.2b	17.3x	27x	2x
Fri, 24 May 2024	€1.1t	€561.8b	€44.5b	17.4x	24.8x	2x
Sun, 21 Apr 2024	€1.0t	€565.9b	€45.2b	16.1x	22.1x	1.8x
Tue, 19 Mar 2024	€1.0t	€547.2b	€46.3b	16.1x	21.7x	1.8x
Thu, 15 Feb 2024	€991.0b	€568.6b	€49.7b	15.8x	19.9x	1.7x
Sat, 13 Jan 2024	€903.9b	€590.3b	€60.1b	16.4x	15x	1.5x
Mon, 11 Dec 2023	€902.7b	€598.3b	€60.5b	15.7x	14.9x	1.5x
Wed, 08 Nov 2023	€836.8b	€602.6b	€60.3b	15.5x	13.9x	1.4x
Fri, 06 Oct 2023	€814.3b	€593.1b	€50.4b	15.8x	16.1x	1.4x
Sun, 03 Sep 2023	€908.8b	€588.3b	€49.2b	17.2x	18.5x	1.5x
Tue, 01 Aug 2023	€938.8b	€582.6b	€53.6b	16.4x	17.5x	1.6x

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 23.3x which is higher than its 3-year average PE of 19.9x.

Past Earnings Growth

The earnings for Dutch listed companies have grown 4.1% per year over the last three years.
Meanwhile revenues for these companies have declined 2.1% 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	0.29%
Energy	2.87%
Industrials	2.56%
Tech	1.47%
Real Estate	0.71%
Financials	0.25%
Materials	-0.48%
Telecom	-1.29%
Healthcare	-2.41%
Consumer Staples	-2.55%
Consumer Discretionary	-4.29%
Utilities	-8.57%

Sector PE

Investors favour the Tech sector the most for future growth, which is trading above its 3-year average PE ratio of 40.7x.

The market's confidence is likely because analysts are expecting annual earnings growth of 20.9%, which is higher than its past year's earnings growth of 13.1% 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 3.3% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

Company	Last Price	7D	1Y	Valuation	Sector
ASML ASML Holding	€1.56k	1.7% +€10.0b	158.4%	PE56.4x	Tech
INGA ING Groep	€28.95	2.0% +€1.7b	43.3%	PB1.6x	Financials
CSG CSG	€15.51	8.8% +€1.3b	n/a	PE18.9x	Industrials
MT ArcelorMittal	€58.94	1.7% +€730.7m	105.9%	PE17.5x	Materials
RAND Randstad	€36.49	11.6% +€665.0m	-15.7%	PE20.5x	Industrials

WSP Global Inc. (TSX:WSP) proposed an initial non-binding indicative offer to acquire Arcadis NV (ENXTAM:ARCAD) from Stichting Lovinklaan, Stichting Koninklijke Katalys and others for €4.5 billion.

WSP Global Inc. (TSX:WSP) proposed an initial non-binding indicative offer to acquire Arcadis NV (ENXTAM:ARCAD) from Stichting Lovinklaan, Stichting Koninklijke Katalys and others for €4.2 billion on July 1, 2026. WSP Global Inc. (TSX:WSP) proposed revised non-binding indicative offer to acquire Arcadis NV (ENXTAM:ARCAD) for €4.5 billion on July 24, 2026. A cash consideration €48.50 per share will be paid by WSP Global Inc. As part of consideration, Arcadis shareholders would be provided with the flexibility to elect for immediate certainty of value through cash consideration, and/or to elect WSP stock and participate in the future value creation of the combined business. The overall consideration would be approximately half shares and half cash. As of July 14, 2026, the proposal was carefully reviewed and unanimously rejected by the Executive Board and Supervisory Board as it did not adequately reflect Arcadis' intrinsic value, strategic position and future prospects. The proposal also did not address concerns around strategic fit, cultural fit, deal certainty and other stakeholders' interests. As of July 23, 2026, WSP submitted an revised improved proposal to acquire all issued and outstanding shares in the capital of Arcadis, at an intended offer consideration of €51.50 per ordinary share (cum dividend) for €4.5 billion. The indicative proposal envisages an offer consideration, represented a premium of approximately 45.8% over the unaffected share price of €35.32 per ordinary share on July 22, 2026. WSP would welcome the Lovinklaan Foundation and Katalys as important reference shareholders. WSP deeply respects the goals and responsibilities of the Lovinklaan Foundation and Katalys and is committed to a similar role in the combined organization. Under the assumption that Lovinklaan Foundation and Katalys elect to receive only WSP shares, the non-foundation Arcadis shareholders will receive approximately 65% in cash and 35% in WSP shares as consideration. WSP’s proposal is not contingent on any financing condition and would provide Arcadis shareholders with an attractive value. The transaction is subject to approval of merger agreement by target board, approval by regulatory board / committee and definitive agreement. The proposed transaction would be subject to customary pre-offer and offer conditions precedent for a transaction of this nature, including but not limited to, the recommendation by the Executive Board and Supervisory Board, a minimum acceptance level and customary regulatory conditions. A definitive agreement has not been entered into, and any potential transaction remains subject to an agreement on terms between WSP and Arcadis. There can be no assurance that a transaction will be concluded and that the conditions to which it may be subject would be met. WSP has provided its proposal to the Executive Board and the Supervisory Board of Arcadis, and has invited them to discuss such proposals with a view to reaching a friendly, recommended transaction.

Dutch (AEX) Market Analysis & Valuation

Market Valuation and Performance

Sector Trends

Top Stock Gainers and Losers

Market Insights

Why 2026's worst-looking sector might be its most misread

Latest News

WSP Global Inc. (TSX:WSP) proposed an initial non-binding indicative offer to acquire Arcadis NV (ENXTAM:ARCAD) from Stichting Lovinklaan, Stichting Koninklijke Katalys and others for €4.5 billion.

Second quarter 2026 earnings: EPS and revenues miss analyst expectations

Xiaomi Selects Adyen to Power Payments Across 18 International Markets

CVC Capital Partners Acquires IFF Food Ingredients Business in Major Portfolio Shift

RAND: Higher Future P/E And Cautious Ratings Will Restrain Share Returns

MT: Buybacks And Cloud Partnership Will Support A Balanced Medium-Term Outlook

Second quarter 2026 earnings: EPS misses analyst expectations

INGA: Future Returns Will Depend On Buybacks And Subscription Model Execution

DSFIR: Share Repurchase Program Will Drive Bullish Re Rating Potential

Investor sentiment improves as stock rises 18%

Ahold Delhaize Names Former Amazon Fresh VP Claire Peters CEO of US Operations

Second quarter dividend of €1.88 announced

ASM: Prolonged Chip Tightness And Advanced Logic Spending Will Challenge Rich Share Price

NN: Future Returns Will Depend On Margin Delivery And Stable Forward P/E

PHIA: Future Hospital Partnerships And AI Imaging Will Support Balanced Outlook

Consensus EPS estimates fall by 13%, revenue upgraded