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Dutch (AEX) Market Analysis & Valuation

UpdatedMay 26, 2026
DataAggregated Company Financials
Companies99
  • 7D7.5%
  • 3M5.6%
  • 1Y33.6%
  • YTD15.0%

Over the last 7 days, the market has risen 6.1%, driven by gains of 11% in the Information Technology sector. In the last year, the market has climbed 32%. 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
Tue, 26 May 2026€1.4t€537.9b€61.3b18.1x22.5x2.6x
Thu, 23 Apr 2026€1.3t€547.2b€61.3b17.8x21.3x2.4x
Sat, 21 Mar 2026€1.2t€539.2b€60.8b16x19.7x2.2x
Mon, 16 Feb 2026€1.3t€525.7b€58.2b16.9x22x2.4x
Wed, 14 Jan 2026€1.2t€541.3b€54.8b16.8x22x2.2x
Fri, 12 Dec 2025€1.1t€532.7b€54.1b16.8x20.6x2.1x
Sun, 09 Nov 2025€1.1t€533.4b€53.8b16.1x20.2x2x
Tue, 07 Oct 2025€1.1t€534.8b€53.0b17.3x21.2x2.1x
Thu, 04 Sep 2025€989.6b€550.2b€67.1b16.6x14.7x1.8x
Sat, 02 Aug 2025€976.6b€543.3b€65.9b16.9x14.8x1.8x
Mon, 30 Jun 2025€1.0t€542.6b€62.0b19x16.8x1.9x
Wed, 28 May 2025€1.0t€544.0b€58.4b19.1x17.8x1.9x
Fri, 25 Apr 2025€955.9b€543.1b€58.1b16.7x16.5x1.8x
Sun, 23 Mar 2025€1.0t€567.5b€58.5b18.1x17.4x1.8x
Tue, 18 Feb 2025€1.1t€571.9b€57.7b17.7x18.7x1.9x
Thu, 16 Jan 2025€995.8b€566.7b€51.9b16.3x19.2x1.8x
Sat, 14 Dec 2024€1.0t€562.2b€51.5b17.2x19.5x1.8x
Mon, 11 Nov 2024€967.8b€560.2b€50.7b17.2x19.1x1.7x
Wed, 09 Oct 2024€1.0t€561.5b€52.7b17.6x19.8x1.9x
Fri, 06 Sep 2024€1.0t€566.6b€40.1b16x25.1x1.8x
Sun, 04 Aug 2024€981.5b€562.1b€38.8b15.7x25.3x1.7x
Tue, 02 Jul 2024€1.1t€561.8b€41.1b16.1x26.9x2x
Thu, 30 May 2024€1.1t€561.8b€44.5b17.8x24.5x1.9x
Sat, 27 Apr 2024€1.0t€564.7b€45.1b15.6x22.8x1.8x
Mon, 25 Mar 2024€1.0t€547.6b€46.0b16.4x22.5x1.9x
Wed, 21 Feb 2024€989.4b€566.5b€48.4b15.8x20.4x1.7x
Fri, 19 Jan 2024€907.0b€590.9b€60.2b16.1x15.1x1.5x
Sun, 17 Dec 2023€931.0b€595.1b€60.2b16.4x15.5x1.6x
Tue, 14 Nov 2023€855.3b€598.4b€59.6b15.7x14.4x1.4x
Thu, 12 Oct 2023€831.3b€592.3b€50.3b15.9x16.5x1.4x
Sat, 09 Sep 2023€885.3b€588.9b€49.2b17x18x1.5x
Mon, 07 Aug 2023€913.5b€573.8b€47.3b16.2x19.3x1.6x
Wed, 05 Jul 2023€934.2b€582.5b€52.0b16.5x18x1.6x
Fri, 02 Jun 2023€882.3b€585.1b€48.2b16.7x18.3x1.5x
Price to Earnings Ratio

18.3x


Total Market Cap: €882.3bTotal Earnings: €48.2bTotal Revenue: €585.1bTotal 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 2.7% 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 Market7.46%
Tech12.57%
Materials8.99%
Healthcare6.30%
Financials4.55%
Industrials3.17%
Real Estate2.67%
Consumer Staples2.43%
Consumer Discretionary2.33%
Utilities0%0
Energy-0.57%
Telecom-0.67%
Sector PE
  • Investors favour the Tech sector the most for future growth, which is trading above its 3-year average PE ratio of 39.5x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 16.8%, 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 22% 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 8.3% 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€1.43k13.1%
+€64.0b		118.7%PE55xTech
INGA ING Groep€27.127.3%
+€5.2b		44.0%PB1.5xFinancials
MT ArcelorMittal€58.2410.7%
+€4.3b		111.3%PE17.7xMaterials
ASM ASM International€905.007.2%
+€3.0b		89.3%PE44.6xTech
ADYEN Adyen€987.608.6%
+€2.5b		-38.5%PE29.3xFinancials
See more

Market Insights

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Latest News

ASML
€1,430.60
ASML Holding
7D
13.1%
1Y
118.7%
INGA
€27.12
ING Groep
7D
7.3%
1Y
44.0%
MT
€58.24
ArcelorMittal
7D
10.7%
1Y
111.3%
Narrative Update • May 25

MT: Dividend Strength And Capital Returns Will Support Balanced Future Outlook

Analysts have lifted their price target for ArcelorMittal from about €55.03 to approximately €56.46, citing updated assumptions for fair value, discount rate, revenue growth, profit margins and future P/E estimates. What's in the News Reported production results for the quarter ended 31 March 2026, with total Group iron ore production of 12.9 million tons, crude steel production of 13.3 million tons and steel shipments of 12.8 million tons, compared with 11.8 million tons of iron ore, 14.8 million tons of crude steel and 13.6 million tons of steel shipments in the same period a year earlier (Key Developments).
ADYEN
€987.60
Adyen
7D
8.6%
1Y
-38.5%
UMG
€20.58
Universal Music Group
7D
-0.6%
1Y
-27.4%
Narrative Update • May 24

UMG: AI Partnerships And Premium Features Will Support Catalog Earnings Power

Narrative Update: Universal Music Group The analyst fair value estimate for Universal Music Group has moved from about €37.81 to about €39.91, reflecting updated views on discount rates, slightly higher projected revenue growth, a modestly lower profit margin assumption, and a higher future P/E multiple, with analysts pointing in part to the recent AI and premium feature partnerships highlighted in streaming sector research. Analyst Commentary Recent Street research on Universal Music Group highlights a mix of optimism around AI partnerships and premium features on streaming platforms, alongside some caution about longer term AI risks for major labels.
WKL
€61.74
Wolters Kluwer
7D
-3.2%
1Y
-61.9%
BESI
€282.00
BE Semiconductor Industries
7D
10.2%
1Y
162.3%
Narrative Update • May 22

BESI: Takeover Interest And AI Packaging Cycle May Reprice Future Earnings

Analysts have raised the implied fair value for BE Semiconductor from €220 to €340, in line with a series of recent price target increases across the Street that reflect updated assumptions on growth, margins and future P/E multiples. Analyst Commentary Recent Street research on BE Semiconductor Industries points to an increasingly constructive tone, with a series of higher price targets and supportive ratings concentrated in the first half of the year.
CSG
€18.61
CSG
7D
13.7%
1Y
n/a
ASM
€905.00
ASM International
7D
7.2%
1Y
89.3%
ABN
€34.94
ABN AMRO Bank
7D
7.8%
1Y
56.1%
NN
€74.54
NN Group
7D
-1.9%
1Y
39.0%
Narrative Update • May 21

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

Narrative Update The analyst price target for NN Group is updated to €72.76 from €72.19. This reflects recent Street research where analysts have set targets of €72 and €75.15 while citing assumptions for slightly higher profit margins and a modestly higher future P/E, alongside adjusted revenue growth expectations and discount rates.
AD
€36.62
Koninklijke Ahold Delhaize
7D
-2.7%
1Y
-2.9%
Narrative Update • May 20

AD: Mixed Research And Buybacks Will Shape Future P/E Re Rating

The analyst price target for Koninklijke Ahold Delhaize has edged slightly lower to about €40.84, reflecting relatively small adjustments as analysts weigh mixed recent research that includes modest target trims alongside increases from other firms. Analyst Commentary Recent research on Koninklijke Ahold Delhaize has been mixed, with some price targets trimmed and others raised, resulting in a relatively modest net change in the consensus target.
SBMO
€34.46
SBM Offshore
7D
-4.0%
1Y
78.0%
Narrative Update • May 20

SBMO: AEX Inclusion And Guyana Project Pipeline Will Support Future Upside

Analysts have lifted their average price target on SBM Offshore by about €3.70, reflecting updated assumptions around fair value, a higher discount rate, slightly adjusted revenue growth and profit margin expectations, and a higher future P/E multiple, with recent research including both price target increases and downgrades informing this shift. Analyst Commentary Recent research on SBM Offshore reflects a mix of views, but the average price target shift is being shaped in part by a series of bullish adjustments that focus on valuation support and execution on the project pipeline.
KPN
€4.58
Koninklijke KPN
7D
-1.3%
1Y
10.0%
ASRNL
€66.48
ASR Nederland
7D
-1.6%
1Y
18.3%
IMCD
€91.40
IMCD
7D
-4.6%
1Y
-24.3%
Narrative Update • May 14

IMCD: Margin Execution And Earnings Quality Should Support Future Re Rating

Narrative update on IMCD The updated analyst price target for IMCD moves to €148.67 from €144.05. This change reflects analysts' revised views on growth, profitability and P/E assumptions after recent target changes from major banks across the sector.