Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

Dutch (AEX) Market Analysis & Valuation

UpdatedFeb 24, 2026
DataAggregated Company Financials
Companies101
  • 7D2.9%
  • 3M16.4%
  • 1Y21.9%
  • YTD8.6%

Over the last 7 days, the market has risen 2.9%, driven by gains of 4.4% in the Information Technology sector. As for the past 12 months, the market is up 22%. As for the next few years, earnings are expected to grow by 13% per annum.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 24 Feb 2026€1.3t€527.7b€58.2b17.7x22.7x2.5x
Thu, 22 Jan 2026€1.2t€538.5b€54.7b16.9x22.3x2.3x
Sat, 20 Dec 2025€1.1t€541.0b€54.7b16.6x20.2x2x
Mon, 17 Nov 2025€1.1t€532.9b€53.5b17x20.5x2.1x
Wed, 15 Oct 2025€1.1t€535.4b€53.1b17.5x20.5x2x
Fri, 12 Sep 2025€1.0t€550.0b€67.6b16.7x15.2x1.9x
Sun, 10 Aug 2025€1.0t€545.5b€65.7b17.1x15.2x1.8x
Tue, 08 Jul 2025€1.0t€542.5b€62.0b18.5x16.7x1.9x
Thu, 05 Jun 2025€1.0t€543.5b€58.4b19x17.8x1.9x
Sat, 03 May 2025€989.2b€542.4b€57.6b17.8x17.2x1.8x
Mon, 31 Mar 2025€995.8b€544.6b€57.4b17.8x17.3x1.8x
Wed, 26 Feb 2025€1.1t€568.2b€57.6b18.1x18.3x1.9x
Fri, 24 Jan 2025€1.0t€565.7b€51.8b16.8x19.5x1.8x
Sun, 22 Dec 2024€988.3b€562.7b€51.6b16x19.2x1.8x
Tue, 19 Nov 2024€961.3b€561.5b€50.7b16.9x19x1.7x
Thu, 17 Oct 2024€991.8b€563.1b€52.9b18x18.7x1.8x
Sat, 14 Sep 2024€1.0t€567.1b€40.1b16.5x25.4x1.8x
Mon, 12 Aug 2024€1.0t€565.2b€40.3b15.4x25x1.8x
Wed, 10 Jul 2024€1.1t€561.3b€41.1b15.8x27.2x2x
Fri, 07 Jun 2024€1.1t€561.2b€44.5b17.6x25.3x2x
Sun, 05 May 2024€1.1t€561.8b€44.5b16.9x23.9x1.9x
Tue, 02 Apr 2024€1.0t€553.4b€45.5b16.6x22.8x1.9x
Thu, 29 Feb 2024€1.0t€566.1b€49.3b15.9x20.3x1.8x
Sat, 27 Jan 2024€968.2b€592.4b€60.8b16.5x15.9x1.6x
Mon, 25 Dec 2023€914.1b€594.2b€60.1b16.5x15.2x1.5x
Wed, 22 Nov 2023€870.8b€596.8b€59.3b15.7x14.7x1.5x
Fri, 20 Oct 2023€805.3b€593.6b€50.7b15.5x15.9x1.4x
Sun, 17 Sep 2023€879.1b€591.9b€50.1b17x17.5x1.5x
Tue, 15 Aug 2023€898.0b€575.6b€47.3b16.9x19x1.6x
Thu, 13 Jul 2023€919.1b€580.5b€51.7b16.7x17.8x1.6x
Sat, 10 Jun 2023€910.8b€586.9b€48.4b16.8x18.8x1.6x
Mon, 08 May 2023€868.1b€569.7b€46.3b17.3x18.8x1.5x
Wed, 05 Apr 2023€900.1b€564.5b€50.4b16.1x17.8x1.6x
Fri, 03 Mar 2023€891.7b€555.4b€45.3b16.3x19.7x1.6x
Price to Earnings Ratio

19.7x


Total Market Cap: €891.7bTotal Earnings: €45.3bTotal Revenue: €555.4bTotal Market Cap vs Earnings and Revenue0%0%0%
Dutch Market Price to Earnings3Y Average 19.4x202420252026
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 22.7x which is higher than its 3-year average PE of 19.4x.
Past Earnings Growth
  • The earnings for Dutch listed companies have grown 8.8% per year over the last three years, while revenues have remained steady.
  • This means that companies overall are more efficiently conducting business since profits are increasing while sales have been flat.

Sector Trends

Which sectors have driven the changes within the Dutch Market?

NL Market2.89%
Tech4.36%
Consumer Discretionary3.58%
Materials3.02%
Consumer Staples2.91%
Real Estate2.15%
Financials1.91%
Healthcare1.82%
Telecom0.47%
Utilities0%0
Energy-0.068%
Industrials-0.68%
Sector PE
  • Investors favour the Healthcare sector the most for future growth, which is trading above its 3-year average PE ratio of 17.1x.
    • This is likely because analysts are expecting annual earnings growth of 19.7% and investors are willing to pay a premium for that growth.
  • The Real Estate sector is the least preferred by investors for future growth, which is trading below its 3-year average of 10.9x.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 20% over the next 5 years.
  • In contrast, the Energy industry is expected to see its earnings growth to stay flat 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€1.25k4.5%
+€20.9b		75.1%PE50.2xTech
PRX Prosus€44.133.6%
+€3.5b		5.2%PE9.1xConsumer Discretionary
CCEP Coca-Cola Europacific Partners€90.907.7%
+€2.9b		8.6%PE21xConsumer Staples
MT ArcelorMittal€56.486.1%
+€2.5b		110.5%PE16.1xMaterials
INGA ING Groep€25.043.5%
+€2.4b		51.7%PB1.5xFinancials
See more

Market Insights

Header cover image
Alternatives part 2: 2026 and beyond 🔭
Richard Bowman avatar
Richard Bowman
|
|
Deep dive into the exciting world of Private Equity, Real Estate, Private Credit, Infrastructure & Transport and Hedge Funds.
Continue reading
Dotcom Bubble vs. Now 🫧
Last Week

Dotcom Bubble vs. Now 🫧

Latest News

ARCAD
€28.00
Arcadis
7D
-18.0%
1Y
-43.5%
AGN
€6.33
Aegon
7D
-4.0%
1Y
7.5%

AGN: Future Buybacks And US Refocus Will Drive Return Upside

Analysts have nudged their price target on Aegon higher to €7.31 from €7.23, citing slightly adjusted assumptions around discount rates, revenue, profit margins and future P/E. What's in the News Aegon completed a share repurchase of 34,996,985 shares, representing 2.21% of its share capital, for €227 million under the buyback announced on December 10, 2025.
UMG
€19.04
Universal Music Group
7D
-0.6%
1Y
-32.5%

UMG: AI Partnerships And Catalog Monetisation Will Support Higher Future Earnings

Analysts have nudged their price target for Universal Music Group slightly lower to about €38.14 from roughly €38.19, reflecting updated assumptions around growth, profitability and the P/E multiple after a series of recent bullish research calls and upgrades on the stock. Analyst Commentary Recent Street research has leaned positive, with several bullish analysts updating their views on Universal Music Group and revisiting their assumptions on growth, profitability and valuation multiples.
DSFIR
€60.46
DSM-Firmenich
7D
-1.6%
1Y
-41.4%

DSFIR: Softer U.S. Demand And Full Valuation Will Shape Future Margin Resilience

Analysts have trimmed their fair value estimate for DSM-Firmenich to €67 from €70, reflecting lower price targets and more cautious earnings assumptions tied to softer U.S. consumer confidence, currency headwinds, and what they describe as a full valuation with limited EBITDA growth visibility into 2026. Analyst Commentary Recent Street research has turned more cautious on DSM-Firmenich, with several bearish analysts trimming price targets and moving to more neutral stances.
CVC
€11.83
CVC Capital Partners
7D
-6.1%
1Y
-48.6%

CVC: Conviction List Status Will Support Future Fee Platform Expansion

Analysts have trimmed their price target on CVC Capital Partners by about €0.11 to roughly €18.88. This reflects updated assumptions around discount rates, revenue growth, profit margins and future P/E multiples following recent research that included the stock being added to a European conviction list.
INGA
€25.04
ING Groep
7D
3.5%
1Y
51.7%

INGA: Future Returns Will Hinge On Volume Execution And Cash Distributions

The analyst price target for ING Groep has increased to €26.89 from €26.39, as analysts cite updated assumptions around growth, margins and a higher future P/E multiple, supported by a series of recent target hikes and rating upgrades from major brokerages. Analyst Commentary Recent research has leaned more supportive of ING Groep, with several price target hikes and rating upgrades clustering over a short period.
IMCD
€81.84
IMCD
7D
-7.0%
1Y
-44.6%
MT
€56.48
ArcelorMittal
7D
6.1%
1Y
110.5%

MT: Steel Cycle Resilience And Capital Returns Will Support Balanced Outlook

Analysts have lifted their ArcelorMittal price target from about €47.02 to roughly €51.04, citing updated assumptions around the discount rate, revenue growth, profit margin and future P/E that collectively support a higher assessed value. What's in the News ArcelorMittal plans to build a 2 million tonne electric arc furnace at its Dunkirk site in France.
WKL
€59.68
Wolters Kluwer
7D
-3.5%
1Y
-65.4%

WKL: AI Uncertainty And New Buy Rating Will Support Future Upside

Analysts have trimmed their average price target for Wolters Kluwer, with recent Street research moving expectations from around €107 to a range closer to €73 to €125. This reflects adjusted fair value assumptions, a slightly higher discount rate and modestly revised revenue growth and P/E inputs as they weigh AI related risks and opportunities.
ASML
€1,249.20
ASML Holding
7D
4.5%
1Y
75.1%

ASML: Future WFE Spending And AI Demand Will Drive Upside

We are lifting our ASML Holding analyst price target to €1,397.71 from €1,207.41. This change reflects analysts' updated assumptions for higher revenue growth, stronger profit margins, and a modestly different discount rate, supported by a broad wave of recent target increases and upgrades across major brokerages.
CCEP
€90.90
Coca-Cola Europacific Partners
7D
7.7%
1Y
8.6%
AD
€41.25
Koninklijke Ahold Delhaize
7D
4.2%
1Y
21.5%

AD: Share Buybacks And Resilient Cash Generation Will Support Future Upside

Analysts have nudged their fair value estimate for Koninklijke Ahold Delhaize up from €43.00 to €45.00. This reflects recent mixed but generally supportive price target updates around €38.60 from the Street.
ADYEN
€947.30
Adyen
7D
3.2%
1Y
-46.5%
MICC
€13.44
Magnum Ice Cream
7D
-3.3%
1Y
n/a
PRX
€44.13
Prosus
7D
3.6%
1Y
5.2%

PRX: Higher Future P/E Assumptions Will Drive Bullish Repricing

Analysts have lifted their fair value estimate for Prosus to €54.00 from €46.69, reflecting recent upward revisions to Street price targets, including moves to €74.00 and €69.00, along with updated assumptions for the discount rate, revenue growth, profit margin, and future P/E. Analyst Commentary The recent fair value lift to €54.00 sits against a backdrop of mixed Street commentary.
CSG
€29.75
CSG
7D
2.6%
1Y
n/a