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Dutch (AEX) Market Analysis & Valuation

UpdatedJul 13, 2026
DataAggregated Company Financials
Companies100
  • 7D-1.8%
  • 3M11.2%
  • 1Y37.8%
  • YTD19.9%

Over the last 7 days, the market has dropped 1.8%, driven by a decline of 3.9% in the Information Technology sector. On the other hand, the Consumer Discretionary has risen by 3.5%. In the last year, the market is actually up 38%. As for the next few years, earnings are expected to grow by 16% per annum.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 13 Jul 2026€1.4t€541.7b€60.0b18.1x23.8x2.6x
Wed, 10 Jun 2026€1.4t€538.5b€61.4b17.9x22.5x2.6x
Fri, 08 May 2026€1.3t€536.6b€60.4b18.5x21.7x2.4x
Sun, 05 Apr 2026€1.2t€548.1b€60.8b16.5x20.2x2.2x
Tue, 03 Mar 2026€1.3t€521.9b€60.9b17x21.7x2.5x
Thu, 29 Jan 2026€1.3t€537.2b€54.4b17.3x23.4x2.4x
Sat, 27 Dec 2025€1.1t€540.7b€54.7b16.6x20.1x2x
Mon, 24 Nov 2025€1.1t€533.5b€53.6b16.6x19.8x2x
Wed, 22 Oct 2025€1.1t€531.9b€53.5b17.3x20.7x2.1x
Fri, 19 Sep 2025€1.1t€549.7b€67.5b16.6x15.9x2x
Sun, 17 Aug 2025€1.0t€547.5b€65.7b16.7x15.4x1.8x
Tue, 15 Jul 2025€1.0t€542.8b€62.1b19.4x16.8x1.9x
Thu, 12 Jun 2025€1.1t€543.1b€58.3b19.3x18.2x2x
Sat, 10 May 2025€1.0t€544.4b€58.7b18.7x17.2x1.8x
Mon, 07 Apr 2025€911.5b€543.6b€57.3b16.5x15.9x1.7x
Wed, 05 Mar 2025€1.0t€567.0b€59.2b18x17.3x1.8x
Fri, 31 Jan 2025€1.0t€567.7b€52.6b17.1x19.1x1.8x
Sun, 29 Dec 2024€991.0b€562.8b€51.6b16.1x19.2x1.8x
Tue, 26 Nov 2024€976.8b€561.9b€50.6b16.9x19.3x1.7x
Thu, 24 Oct 2024€1.0t€563.3b€52.8b17.8x19x1.8x
Sat, 21 Sep 2024€1.0t€566.6b€40.0b16.8x25.3x1.8x
Mon, 19 Aug 2024€1.0t€564.7b€40.3b15.5x25.9x1.9x
Wed, 17 Jul 2024€1.1t€560.7b€41.0b16.3x27.3x2x
Fri, 14 Jun 2024€1.1t€562.2b€44.6b17.5x25.5x2x
Sun, 12 May 2024€1.1t€561.8b€44.3b18.7x24.5x1.9x
Tue, 09 Apr 2024€1.1t€565.6b€45.2b16.5x23.3x1.9x
Thu, 07 Mar 2024€1.0t€566.7b€48.8b16.6x20.9x1.8x
Sat, 03 Feb 2024€973.4b€579.8b€52.7b16.2x18.5x1.7x
Mon, 01 Jan 2024€917.1b€594.0b€60.0b16.8x15.3x1.5x
Wed, 29 Nov 2023€870.8b€596.2b€59.2b15.8x14.7x1.5x
Fri, 27 Oct 2023€801.8b€593.2b€52.5b15.9x15.3x1.4x
Sun, 24 Sep 2023€825.9b€592.0b€50.3b16.7x16.4x1.4x
Tue, 22 Aug 2023€860.9b€572.3b€47.3b16.5x18.2x1.5x
Thu, 20 Jul 2023€928.2b€581.5b€52.0b16.9x17.9x1.6x
Price to Earnings Ratio

17.9x


Total Market Cap: €928.2bTotal Earnings: €52.0bTotal Revenue: €581.5bTotal Market Cap vs Earnings and Revenue0%0%0%
Dutch Market Price to Earnings3Y Average 19.8x202420252026
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 23.8x which is higher than its 3-year average PE of 19.8x.
Past Earnings Growth
  • The earnings for Dutch listed companies have grown 4.9% per year over the last three years.
  • Meanwhile revenues for these companies have declined 2.3% 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-1.78%
Consumer Discretionary3.48%
Energy1.94%
Telecom1.11%
Consumer Staples0.70%
Materials-0.086%
Industrials-0.67%
Financials-0.91%
Healthcare-1.68%
Utilities-1.79%
Real Estate-2.27%
Tech-3.87%
Sector PE
  • Investors favour the Tech sector the most for future growth, which is trading above its 3-year average PE ratio of 40.5x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 18.9%, 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 3.4% 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
PRX Prosus€39.493.5%
+€2.7b		-17.5%PE8.2xConsumer Discretionary
WKL Wolters Kluwer€62.447.9%
+€1.0b		-55.2%PE10.7xIndustrials
MT ArcelorMittal€58.041.9%
+€822.0m		99.5%PE17.3xMaterials
UMG Universal Music Group€19.142.1%
+€705.7m		-28.3%PE22.9xTelecom
KPN Koninklijke KPN€4.333.8%
+€593.3m		5.8%PE19.7xTelecom
See more

Market Insights

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Latest News

ABN
€38.02
ABN AMRO Bank
7D
-1.6%
1Y
57.5%
KPN
€4.33
Koninklijke KPN
7D
3.8%
1Y
5.8%
Narrative Update • Jul 10

KPN: Recent Pullback And Dividend Support Will Shape Defensive Appeal

The analyst fair value estimate for Koninklijke KPN has been raised from €4.24 to €4.58, reflecting updated price targets around €5 from several firms and the view that the recent share selloff has improved the stock's appeal for defensive telecom investors. Analyst Commentary Recent research on Koninklijke KPN has been largely supportive, with several bullish analysts lifting price targets into a range around €5 and framing the recent share pullback as an opportunity for investors who prefer more defensive telecom exposure.
PHIA
€24.09
Koninklijke Philips
7D
-1.7%
1Y
16.8%
Narrative Update • Jul 10

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

Analysts have raised their price target for Koninklijke Philips from €19.60 to €22.60, citing updated assumptions for revenue growth, profit margins, a slightly lower discount rate, and a modest adjustment to future P/E expectations. What’s in the News for Koninklijke Philips Royal Philips launched the Alturion ultrasound system, which integrates AI-powered workflows, Elevate Plus measurements, and a connected ecosystem, following FDA 510(k) clearance and CE mark certification for use in the USA and Europe.
CSG
€13.23
CSG
7D
-11.0%
1Y
n/a
WKL
€62.44
Wolters Kluwer
7D
7.9%
1Y
-55.2%
MT
€58.04
ArcelorMittal
7D
1.9%
1Y
99.5%
Narrative Update • Jul 09

MT: Share Buybacks And AWS Deal Will Likely Leave Shares Overextended

Analysts have raised their price target on ArcelorMittal to €45.18 from €27.31, citing updated assumptions around fair value, discount rate, revenue growth, profit margin, and future P/E estimates. What's in the News ArcelorMittal completed the first tranche of its 2025-2030 share buyback program, repurchasing 10,000,000 shares at an average price of €49.32 per share.
INGA
€28.42
ING Groep
7D
-1.0%
1Y
46.8%
Narrative Update • Jul 08

INGA: Higher P E Assumptions Will Likely Compress Future Safety Margin

Analysts have raised the implied fair value estimate for ING Groep from €18.23 to €22.38, citing a series of recent price target increases across major banks and updated assumptions on discount rates, revenue growth, profit margins and future P/E multiples. Analyst Commentary Recent research updates on ING Groep point to a cluster of higher formal price targets, with several large banks adjusting their figures.
ASM
€889.60
ASM International
7D
-7.8%
1Y
70.0%
BESI
€247.00
BE Semiconductor Industries
7D
-4.3%
1Y
98.2%
Narrative Update • Jul 06

BESI: AI Packaging Optimism Will Eventually Clash With Margin Execution Risks

Analysts have lifted the fair value estimate for BE Semiconductor Industries to €173 from €140, citing higher assumed revenue growth, a stronger profit margin outlook and a lower forward P/E multiple that together underpin a series of recent price target increases across the Street. Analyst Commentary Recent Street research on BE Semiconductor Industries shows a broad cluster of higher price targets, with several large banks adjusting their views as they reassess revenue, margin and P/E assumptions.
PRX
€39.49
Prosus
7D
3.5%
1Y
-17.5%
ASML
€1,540.80
ASML Holding
7D
-5.4%
1Y
124.2%
ADYEN
€843.70
Adyen
7D
-2.9%
1Y
-44.1%
RAND
€30.42
Randstad
7D
7.5%
1Y
-26.3%
Narrative Update • Jul 02

RAND: Citi Downgrade And Lower Earnings Multiple Will Pressure Future Returns

Analysts have trimmed their Randstad price target from €21.00 to €18.00, citing updated assumptions on revenue growth, profit margins and future P/E multiples following recent research, including a downgrade at Citi. What’s in the News for Randstad No recent Randstad specific news items were identified in the provided sources, leaving the recent analyst target cut as the main flagged development.
UMG
€19.14
Universal Music Group
7D
2.1%
1Y
-28.3%
HEIA
€75.80
Heineken
7D
0.8%
1Y
0.5%
Narrative Update • Jun 26

HEIA: CEO Transition And Share Buyback Will Shape Earnings Resilience Outlook

The analyst fair value estimate for Heineken has been raised from €64.62 to €70.00, as analysts factor in updated assumptions for revenue growth, margins and future P/E, while weighing CEO transition risks and recent shifts in external price targets that cluster around €70 to €76. Analyst Commentary Recent research on Heineken has focused heavily on leadership changes and mixed regional trends, with several high profile brokers adjusting ratings and price targets.
HEIO
€69.25
Heineken Holding
7D
1.5%
1Y
7.2%