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

Dutch (AEX) Market Analysis & Valuation

UpdatedSep 09, 2025
DataAggregated Company Financials
Companies99
  • 7D1.5%
  • 3M-2.7%
  • 1Y4.9%
  • YTD4.6%

The market has climbed 1.5% in the last 7 days, lead by the Information Technology sector with a gain of 5.6%. As for the past 12 months, the market is up 4.9%. Earnings are forecast to grow by 8.0% annually.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 09 Sep 2025€1.0t€549.8b€67.5b16.8x15.1x1.9x
Thu, 07 Aug 2025€981.5b€544.4b€65.8b17.4x14.9x1.8x
Sat, 05 Jul 2025€1.0t€542.2b€62.0b18.5x16.6x1.9x
Mon, 02 Jun 2025€1.0t€543.9b€58.4b18.8x17.7x1.9x
Wed, 30 Apr 2025€959.3b€543.2b€57.9b17.2x16.6x1.8x
Fri, 28 Mar 2025€1.0t€544.6b€57.3b17.7x17.6x1.9x
Sun, 23 Feb 2025€1.1t€561.5b€57.7b17.9x18.5x1.9x
Tue, 21 Jan 2025€1.0t€565.8b€51.8b17x19.8x1.8x
Thu, 19 Dec 2024€1.0t€562.5b€51.5b16.2x19.6x1.8x
Sat, 16 Nov 2024€954.3b€561.6b€50.5b16.9x18.9x1.7x
Mon, 14 Oct 2024€1.1t€561.8b€52.7b18.1x19.9x1.9x
Wed, 11 Sep 2024€984.2b€567.4b€40.1b16.2x24.5x1.7x
Fri, 09 Aug 2024€1.0t€564.6b€40.3b15.4x25.1x1.8x
Sun, 07 Jul 2024€1.1t€561.1b€41.1b16.5x27.4x2x
Tue, 04 Jun 2024€1.1t€561.2b€44.5b17.7x24.5x1.9x
Thu, 02 May 2024€1.1t€564.9b€44.8b15.7x23.5x1.9x
Sat, 30 Mar 2024€1.0t€551.2b€45.5b16.6x22.8x1.9x
Mon, 26 Feb 2024€1.0t€566.3b€48.4b16.6x20.7x1.8x
Wed, 24 Jan 2024€924.6b€591.1b€60.3b16x15.3x1.6x
Fri, 22 Dec 2023€923.0b€594.4b€60.1b16.5x15.4x1.6x
Sun, 19 Nov 2023€873.5b€596.9b€59.3b15.7x14.7x1.5x
Tue, 17 Oct 2023€820.1b€592.9b€50.4b15.6x16.3x1.4x
Thu, 14 Sep 2023€877.3b€588.7b€49.2b17x17.8x1.5x
Sat, 12 Aug 2023€897.0b€575.2b€47.6b16.8x18.9x1.6x
Mon, 10 Jul 2023€898.7b€581.8b€51.9b16.5x17.3x1.5x
Wed, 07 Jun 2023€914.9b€585.6b€48.3b16.9x18.9x1.6x
Fri, 05 May 2023€857.2b€572.8b€49.0b17.4x17.5x1.5x
Sun, 02 Apr 2023€906.0b€565.4b€50.6b16.2x17.9x1.6x
Tue, 28 Feb 2023€897.2b€555.1b€48.0b16.1x18.7x1.6x
Thu, 26 Jan 2023€912.7b€540.3b€53.8b15.6x17x1.7x
Sat, 24 Dec 2022€824.2b€543.4b€54.4b14.3x15.2x1.5x
Mon, 21 Nov 2022€854.8b€545.5b€67.7b14.2x12.6x1.6x
Wed, 19 Oct 2022€740.3b€510.7b€80.3b12.4x9.2x1.4x
Fri, 16 Sep 2022€795.3b€514.3b€73.5b12.8x10.8x1.5x
Price to Earnings Ratio

10.8x


Total Market Cap: €795.3bTotal Earnings: €73.5bTotal Revenue: €514.3bTotal Market Cap vs Earnings and Revenue0%0%0%
Dutch Market Price to Earnings3Y Average 18.3x202320242025
Current Market PE
  • Investors are pessimistic on the Dutch market, indicating that they anticipate earnings will not grow as fast as they have historically.
  • The market is trading at a PE ratio of 15.1x which is lower than its 3-year average PE of 18.3x.
Past Earnings Growth
  • The earnings for Dutch listed companies have declined 2.8% per year over the last three years.
  • Meanwhile revenues for these companies have grown 2.3% per year.
  • This means that although more sales are being generated, either the cost of doing business or the level of investment back into businesses has increased, which has decreased profits.

Sector Trends

Which sectors have driven the changes within the Dutch Market?

NL Market1.49%
Tech5.64%
Telecom1.67%
Materials1.35%
Consumer Discretionary0.86%
Healthcare0.55%
Utilities0%0
Industrials-0.086%
Consumer Staples-0.29%
Real Estate-0.82%
Financials-1.23%
Energy-3.33%
Sector PE
  • Investors favour the Tech sector the most for future growth even though it's trading below its 3-year average PE ratio of 39.0x.
    • Analysts are expecting annual earnings growth of 10.7%, 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 2.6% 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€676.606.4%
+€15.7b		0.01%PE27.8xTech
INGA ING Groep€20.932.0%
+€1.1b		29.5%PB1.1xFinancials
PRX Prosus€53.050.9%
+€928.2m		63.5%PE11.1xConsumer Discretionary
UMG Universal Music Group€24.552.0%
+€862.0m		4.8%PE17.3xTelecom
WKL Wolters Kluwer€110.052.9%
+€684.6m		-27.9%PE22.5xIndustrials
See more

Market Insights

Header cover image
💸 How to Navigate Lofty Valuations in 2025
Richard Bowman avatar
Richard Bowman
|
|
Why today’s lofty prices test investors, and how to stay invested without losing your edge.
Continue reading
🌊 The 2025 IPO Wave: Winners, Losers, and What Investors Should Watch
Last Week

🌊 The 2025 IPO Wave: Winners, Losers, and What Investors Should Watch

Latest News

BESI
€110.85
BE Semiconductor Industries
7D
-4.0%
1Y
5.4%

Does BE Semiconductor Industries (AMS:BESI) Have A Healthy Balance Sheet?

Sep 07
Does BE Semiconductor Industries (AMS:BESI) Have A Healthy Balance Sheet?
WKL
€110.05
Wolters Kluwer
7D
2.9%
1Y
-27.9%

Are Investors Undervaluing Wolters Kluwer N.V. (AMS:WKL) By 44%?

Sep 06
Are Investors Undervaluing Wolters Kluwer N.V. (AMS:WKL) By 44%?
CVC
€15.19
CVC Capital Partners
7D
-11.5%
1Y
-19.6%
DSFIR
€82.22
DSM-Firmenich
7D
-1.6%
1Y
-32.4%

Health And Bio-Based Trends Will Drive Future Success

With both the future P/E ratio and consensus revenue growth forecasts remaining essentially unchanged, analysts have maintained DSM-Firmenich’s fair value estimate at €117.70. What's in the News DSM-Firmenich launched Lacteol® diarrhEase™ Kids, a top pediatrician-recommended postbiotic for children as young as six months, in the U.S. market.
INGA
€20.93
ING Groep
7D
2.0%
1Y
29.5%

Digital Banking And Green Finance Will Redefine Future Success

Analysts remain positive on ING Groep, citing strong deposit growth, expected gains in net interest income, and sector leadership, though some express caution due to valuation concerns, with the consensus price target unchanged at €21.71. Analyst Commentary Bullish analysts cite ING's industry-leading 7% year-over-year deposit growth as a key driver of future earnings.
AGN
€6.47
Aegon
7D
-3.6%
1Y
18.1%

Retirement Expansion And Digital Transformation Will Shape Future Success

With both the consensus analyst price target and future P/E ratio for Aegon remaining effectively unchanged, there has been no material revision to fair value, which stays at €6.85. What's in the News Aegon announced an interim dividend of EUR 0.19 per common share for 2025, up EUR 0.03 from the prior year.
ADYEN
€1,390.60
Adyen
7D
-2.3%
1Y
6.8%

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.
ABN
€25.47
ABN AMRO Bank
7D
2.9%
1Y
67.2%

Digital Banking And Green Lending Will Define Future Markets

Analysts remain optimistic on ABN AMRO Bank due to strong earnings momentum, solid capital returns, and operational efficiencies, though some express caution over valuation and competitive pressures, resulting in an unchanged consensus price target of €24.78. Analyst Commentary Bullish analysts are raising price targets due to expectations of continued earnings momentum and resilient net interest income performance.
RAND
€38.20
Randstad
7D
-5.0%
1Y
-9.8%

Randstad (AMS:RAND) Has A Pretty Healthy Balance Sheet

Sep 03
Randstad (AMS:RAND) Has A Pretty Healthy Balance Sheet
HEIA
€66.96
Heineken
7D
-1.5%
1Y
-18.3%
AKZA
€61.84
Akzo Nobel
7D
4.9%
1Y
6.3%

Is Akzo Nobel (AMS:AKZA) Using Too Much Debt?

Aug 31
Is Akzo Nobel (AMS:AKZA) Using Too Much Debt?
PRX
€53.05
Prosus
7D
0.9%
1Y
63.5%
UMG
€24.55
Universal Music Group
7D
2.0%
1Y
4.8%

Here's Why We Think Universal Music Group (AMS:UMG) Might Deserve Your Attention Today

Aug 21
Here's Why We Think Universal Music Group (AMS:UMG) Might Deserve Your Attention Today
AD
€34.60
Koninklijke Ahold Delhaize
7D
1.8%
1Y
10.6%
EXO
€83.30
Exor
7D
-3.3%
1Y
-15.5%
ASML
€676.60
ASML Holding
7D
6.4%
1Y
0.01%

Why Now Is The Time to Buy ASML

What Does ASML Do? ASML Holding N.V. is a Dutch company and the world’s only supplier of extreme ultraviolet (EUV) lithography machines —a critical technology used to produce the world’s most advanced computer chips.