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Dutch (AEX) Market Analysis & Valuation

UpdatedOct 16, 2025
DataAggregated Company Financials
Companies99
  • 7D0.2%
  • 3M9.6%
  • 1Y15.6%
  • YTD15.3%

The market has been flat in the last week, however the Consumer Discretionary sector is down 4.8%. As for the longer term, the market has risen 16% in the past 12 months. Looking forward, earnings are forecast to grow by 12% annually.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 17 Oct 2025€1.1t€535.3b€53.1b17.5x20.8x2.1x
Sun, 14 Sep 2025€1.0t€550.0b€67.6b16.7x15.2x1.9x
Tue, 12 Aug 2025€1.0t€547.5b€65.7b17.2x15.3x1.8x
Thu, 10 Jul 2025€1.0t€542.5b€62.0b18.9x16.8x1.9x
Sat, 07 Jun 2025€1.0t€543.6b€58.4b18.9x17.9x1.9x
Mon, 05 May 2025€989.2b€542.4b€57.6b17.8x17.2x1.8x
Wed, 02 Apr 2025€985.8b€544.7b€57.5b17.6x17.2x1.8x
Fri, 28 Feb 2025€1.1t€568.1b€59.2b18.4x17.8x1.9x
Sun, 26 Jan 2025€1.0t€565.1b€51.8b16.8x19.3x1.8x
Tue, 24 Dec 2024€984.4b€562.9b€51.6b15.9x19.1x1.7x
Thu, 21 Nov 2024€950.3b€561.5b€50.6b16.7x18.8x1.7x
Sat, 19 Oct 2024€1.0t€563.1b€52.8b18.2x19.2x1.8x
Mon, 16 Sep 2024€1.0t€567.1b€40.1b16.5x25.4x1.8x
Wed, 14 Aug 2024€1.0t€564.5b€40.2b15.3x25.2x1.8x
Fri, 12 Jul 2024€1.1t€560.9b€41.1b16.3x27.4x2x
Sun, 09 Jun 2024€1.1t€561.8b€44.5b17.6x25.2x2x
Tue, 07 May 2024€1.1t€561.8b€44.4b17x24.1x1.9x
Thu, 04 Apr 2024€1.0t€553.0b€45.5b16.5x23x1.9x
Sat, 02 Mar 2024€1.0t€569.4b€48.7b17.3x20.8x1.8x
Mon, 29 Jan 2024€968.2b€592.4b€60.8b16.5x15.9x1.6x
Wed, 27 Dec 2023€914.1b€594.2b€60.1b16.5x15.2x1.5x
Fri, 24 Nov 2023€876.2b€596.9b€59.3b15.6x14.8x1.5x
Sun, 22 Oct 2023€790.4b€593.5b€51.0b15.4x15.5x1.3x
Tue, 19 Sep 2023€869.8b€591.7b€50.1b16.9x17.4x1.5x
Thu, 17 Aug 2023€887.3b€575.7b€47.3b16.9x18.8x1.5x
Sat, 15 Jul 2023€940.7b€579.7b€51.5b16.9x18.3x1.6x
Mon, 12 Jun 2023€910.8b€587.0b€48.4b16.8x18.8x1.6x
Wed, 10 May 2023€874.6b€569.4b€45.9b17.2x19.1x1.5x
Fri, 07 Apr 2023€891.2b€562.0b€50.4b15.6x17.7x1.6x
Sun, 05 Mar 2023€902.8b€556.2b€44.8b16.1x20.2x1.6x
Tue, 31 Jan 2023€911.5b€542.0b€53.7b15.7x17x1.7x
Thu, 29 Dec 2022€813.9b€543.0b€54.3b14.3x15x1.5x
Sat, 26 Nov 2022€862.4b€545.6b€54.7b14.8x15.8x1.6x
Mon, 24 Oct 2022€748.7b€511.9b€80.2b13.2x9.3x1.5x
Price to Earnings Ratio

9.3x


Total Market Cap: €748.7bTotal Earnings: €80.2bTotal Revenue: €511.9bTotal Market Cap vs Earnings and Revenue0%0%0%
Dutch Market Price to Earnings3Y Average 18.6x202320242025
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 20.8x which is higher than its 3-year average PE of 18.6x.
Past Earnings Growth
  • The earnings for Dutch listed companies have declined 13% per year over the last three years.
  • Meanwhile revenues have been flat.
  • This means that either the cost of doing business or the level of investment back into businesses is increasing since sales have remained steady while profits have fallen.

Sector Trends

Which sectors have driven the changes within the Dutch Market?

NL Market0.23%
Tech2.93%
Consumer Staples2.55%
Telecom1.01%
Utilities0%0
Real Estate-0.036%
Healthcare-0.11%
Energy-0.44%
Materials-1.06%
Financials-1.31%
Industrials-2.41%
Consumer Discretionary-4.84%
Sector PE
  • Investors favour the Tech sector the most for future growth, which is trading close to its 3-year average PE ratio of 39.0x.
    • Analysts are expecting annual earnings growth of 12.7%, which is lower than the prior year's growth of 23.0% per year.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 34% over the next 5 years.
  • In contrast, the Telecom sector is expected to see its earnings decline by 3.5% 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€877.403.2%
+€10.7b		38.3%PE36.1xTech
HEIA Heineken€69.423.9%
+€1.4b		-11.3%PE21.2xConsumer Staples
AD Koninklijke Ahold Delhaize€36.523.2%
+€1.0b		19.7%PE17.7xConsumer Staples
HEIO Heineken Holding€60.653.1%
+€518.7m		-9.5%PE18.4xConsumer Staples
CCEP Coca-Cola Europacific Partners€77.201.4%
+€465.5m		9.2%PE22.8xConsumer Staples
See more

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BAMNB
€7.45
Koninklijke BAM Groep
7D
-11.9%
1Y
59.4%
ASML
€877.40
ASML Holding
7D
3.2%
1Y
38.3%
THEON
€29.60
Theon International
7D
-19.1%
1Y
217.9%
CVC
€15.10
CVC Capital Partners
7D
-2.4%
1Y
-26.5%

Fund Activations And Private Wealth Expansion Will Secure Predictable Fees

The analyst price target for CVC Capital Partners has been slightly lowered to €19.26, as analysts factor in a modest reduction in growth estimates while also considering continued profitability. Analyst Commentary Recent updates from major research firms have highlighted both optimism and caution regarding CVC Capital Partners' outlook.
HEIA
€69.42
Heineken
7D
3.9%
1Y
-11.3%

Expanding Emerging Markets And Digital Transformation Will Unlock Future Opportunity

Heineken's analyst price target was lowered slightly, as analysts point to reduced volume growth expectations and modestly softer profit margins in light of macroeconomic headwinds in several markets. Analyst Commentary Recent street research on Heineken reflects both optimism and caution regarding the company's near-term outlook.
CCEP
€77.20
Coca-Cola Europacific Partners
7D
1.4%
1Y
9.2%

Asia-Pacific Expansion And Digital Efficiency Will Secure Future Opportunities

Analysts have slightly lowered their price target for Coca-Cola Europacific Partners, reducing it from €91 to €90. They cite marginal adjustments to growth assumptions and profit margin forecasts as the reason for this change.
AD
€36.52
Koninklijke Ahold Delhaize
7D
3.2%
1Y
19.7%

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UMG
€23.67
Universal Music Group
7D
0.8%
1Y
-1.8%
ABN
€25.78
ABN AMRO Bank
7D
-3.7%
1Y
67.6%

Digital Banking And Green Lending Will Define Future Markets

The analyst price target for ABN AMRO Bank has increased from €25.33 to €26.33. This reflects analysts' expectations of improved revenue momentum and greater operational efficiency, which are seen as supporting shareholder returns.
INGA
€21.06
ING Groep
7D
0.6%
1Y
31.8%

Digital Banking And Green Finance Will Redefine Future Success

Analysts have raised their price target for ING Groep from €22.20 to €22.48, citing stronger-than-expected deposit growth and improving net interest income outlooks as key factors supporting the upgrade. Analyst Commentary Bullish Takeaways Bullish analysts cite ING Groep’s robust deposit growth, which has reached 7% year-over-year and stands as one of the fastest rates among European banks.
DSFIR
€74.96
DSM-Firmenich
7D
1.2%
1Y
-35.3%

Health And Bio-Based Trends Will Drive Future Success

Analysts have lowered their price target for DSM-Firmenich from €114.65 to €108.95. They cite reduced expectations for revenue growth and a higher discount rate, despite a marginal improvement in profit margins and future valuation metrics.
MT
€33.04
ArcelorMittal
7D
-3.7%
1Y
49.4%

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HEIO
€60.65
Heineken Holding
7D
3.1%
1Y
-9.5%

APAC, Africa And Digital Deployment Will Expand Premium Reach

Despite higher consensus revenue growth forecasts, expectations for Heineken Holding's future earnings multiple have declined, resulting in a reduced analyst price target from €109.50 to €104.00. Valuation Changes Summary of Valuation Changes for Heineken Holding The Consensus Analyst Price Target has fallen from €109.50 to €104.00.
EXO
€76.25
Exor
7D
-3.4%
1Y
-22.7%
ADYEN
€1,464.40
Adyen
7D
-2.1%
1Y
5.2%

Digital Payment Expansion Will Unlock New Global Merchant Channels

Adyen's unchanged analyst price target of €1813 reflects both confidence in its core business resilience and long-term growth prospects, despite near-term estimate reductions driven by missed financial targets and external pressures impacting performance. Analyst Commentary Bullish analysts note resilient sales performance in Q2 despite tariff headwinds, citing continued strength in the core business.
PRX
€58.70
Prosus
7D
-5.1%
1Y
52.5%