olivLaw · European equity research
ABN AMRO Bank N.V. ABN.AS
Netherlands · Euronext Amsterdam · Vertical: Listed companies from Netherlands
ABN AMRO is a Dutch bank focused on retail banking in the Netherlands, private banking and global clearing. Its 2026-2028 strategy targets higher returns and lower costs, while the bank also weighs possible acquisitions such as NIBC Bank N.V.
At the close of 04 Nov 2026, ABN AMRO Bank N.V. (ABN.AS) stock was 41.56 EUR (+4.50% on the day), with market capitalisation 38.2 bn EUR, P/E 17.0 on diluted EPS of 2.45 EUR over the last 12 months, beta 1.01, 52-week range 26.39–43.95 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 55.6
- strong (55–70)
- Bollinger (20, 2)
- 38.81 – 41.64
- in the upper half of the band · %B 0.97 · band width 7.0%
- SMA 50 / 200
- 41.74 / 35.28
- mixed trend
- MACD (12, 26, 9)
- -0.38 / -0.53
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −1.9% | −1.5% | −0.4 pp | — |
| 3 months | +4.0% | −5.3% | +9.3 pp | — |
| 6 months | +37.5% | +4.7% | +32.8 pp | — |
| Year to date | +39.5% | +6.0% | +33.5 pp | — |
| 1 year | +57.4% | +8.2% | +49.2 pp | +1.5% |
| 3 years | +218.5% | +47.2% | +171.3 pp | +2.5% |
| 5 years | +223.7% | +41.8% | +181.9 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 3-quarter history (min 4.5, median 5.5, max 12.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 2.7 bn | 2.4 bn | 2.3 bn |
| Net income YoY | unavailable | −10.9% | −6.3% |
| Diluted EPS | 2.99 | 2.72 | 2.45 |
| Diluted EPS YoY | unavailable | −9.0% | −9.9% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | -9.2 bn | -11.1 bn | 1.9 bn |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- unavailable EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 27.0 bn EUR
- Total assets
- 413.2 bn EUR
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 8.5%
- ROA
- 0.6%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Income statement · EUR
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Total assets | 377.9 bn | 385.0 bn | 413.2 bn | esef· 18 Mar 2026verified |
| Total liabilities | 353.7 bn | 358.9 bn | 386.2 bn | esef· 18 Mar 2026verified |
| Equity | 24.2 bn | 26.1 bn | 27.0 bn | esef· 18 Mar 2026verified |
| Shares outstanding at year end | 902.0 m | 883.5 m | 919.2 m | esef· 18 Mar 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -9.0 bn | -10.8 bn | 2.2 bn | esef· 18 Mar 2026verified |
| Capex | 209.0 m | 312.0 m | 294.0 m | esef· 18 Mar 2026verified |
| Free cash flow | -9.2 bn ≈ | -11.1 bn ≈ | 1.9 bn ≈ | esef· 18 Mar 2026derived |
| Investing cash flow | -1.7 bn | -4.8 bn | 4.6 bn | esef· 18 Mar 2026verified |
| Financing cash flow | 3.2 bn | 6.2 bn | -1.8 bn | esef· 18 Mar 2026verified |
| Share repurchases | 500.0 m | 500.0 m | 250.0 m | esef· 18 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 31.2% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 38.2 bn EUR
Key indicators
Coverage and freshness
Score by group
31% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 25.00 – 52.79 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E25.00 – 52.79 (Mid 33.70)16 companies used · median multiple 13.8x · quartiles 10.2x – 21.5xAALB.AS, ACOMO.AS, AD.AS, ADYEN.AS, AKZA.AS, ARCAD.AS, ASM.AS, AXS.AS, BAMNB.AS, BNJ.AS, CRBN.AS, CTAC.AS, ECMPA.AS, FFARM.AS, HAL.AS, HAVAS.AS
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 31.2% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | 86.2% | 80 (on a fixed band) | 20% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 17.0x | 55 (vs peers) | 33% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 5.1% | 64 (on a fixed band) | 27% |
| Shareholder yield (distributions) · Returns | 0.7% | 9 (on a fixed band) | 20% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial80/100 · 1/3 factors with a value
- Returns· partial9/100 · 1/2 factors with a value
- Valuation59/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
ABN AMRO Bank N.V. (ABN.AS). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 8.5%.
The estimated value range is 25.00–52.79 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 33.70 EUR, the price of 41.56 EUR leaves a potential of -18.9% (value / price − 1) and a margin of safety of -23.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 31.2% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 86.2%
What contradicts it
- Shareholder yield (distributions): 0.7%
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Listed companies from Netherlands · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ASML.ASASML Holding N.V. | 519.6 bn | 50.9 | 44.2% | 31.3% | +15.6% | +48% / +115% |
| ASM.ASASM International N.V. | 33.5 bn | 46.5 | 18.7% | 22.8% | +8.2% | +44% / +45% |
| DSFIR.ASDSM-Firmenich AG | 32.0 bn | 114.3 | 1.2% | 2.2% | +20.4% | +52% / +24% |
| AD.ASKoninklijke Ahold Delhaize N.V. | 30.9 bn | 13.7 | 15.3% | 2.5% | +3.4% | −4% / +29% |
| ADYEN.ASAdyen N.V. | 26.9 bn | 25.4 | 22.3% | 40.1% | +18.9% | −36% / −20% |
| HAL.ASHAL Trust | 15.6 bn | 9.8 | 10.5% | 12.8% | +1.2% | +23% / +49% |
| EXO.ASExor N.V. | 15.3 bn | — | -10.6% | — | −100.0% | +3% / −17% |
| BESI.ASBE Semiconductor Industries N.V. | 12.1 bn | 91.6 | 28.7% | 22.3% | −2.7% | +17% / +18% |
| AKZA.ASAkzo Nobel N.V. | 10.8 bn | 17.1 | 13.8% | 6.3% | −5.2% | +12% / −11% |
| AALB.ASAalberts N.V. | 4.6 bn | 25.8 | 7.2% | 5.7% | −5.3% | +51% / +15% |
| ARCAD.ASArcadis N.V. | 4.2 bn | 20.3 | 18.3% | 4.3% | −2.4% | +24% / +2% |
| BNJ.ASBanijay Group N.V. | 3.4 bn | 13.8 | 343.8% | 5.1% | +1.6% | −11% / −8% |
| BAMNB.ASKoninklijke BAM Groep N.V. | 3.4 bn | 42.5 | 9.1% | 1.3% | +2.9% | +49% / +408% |
| BFIT.ASBasic-Fit N.V. | 2.0 bn | 138.2 | 3.6% | 1.0% | +16.9% | +7% / +16% |
| HAVAS.ASHavas N.V. | 1.8 bn | 9.7 | 10.2% | 6.5% | +1.7% | +27% / unavailable |
| CRBN.ASCorbion N.V. | 1.6 bn | 8.3 | 27.3% | 14.9% | +1.9% | +40% / +56% |
| ECMPA.ASEurocommercial Properties N.V. | 1.4 bn | 11.2 | 5.9% | 45.4% | +4.2% | −4% / +19% |
| FUR.ASFugro N.V. | 973.4 m | — | -1.5% | -1.1% | −18.8% | −1% / −49% |
| ACOMO.ASAcomo N.V. | 687.4 m | 15.2 | 10.7% | 3.3% | +7.6% | −3% / +37% |
| FAST.ASFastned B.V. | 667.9 m | — | -28.2% | -21.7% | +66.1% | +61% / +25% |
| FFARM.ASForFarmers N.V. | 515.9 m | 10.3 | 14.5% | 1.6% | +14.8% | +31% / +140% |
| BRNL.ASBrunel International N.V. | 386.2 m | 126.5 | 1.0% | 0.3% | −10.8% | −5% / −29% |
| ALFEN.ASAlfen N.V. | 229.8 m | — | -0.1% | -0.0% | −10.7% | +0% / −77% |
| ENVI.ASEnvipco Holding N.V. | 227.9 m | — | -12.7% | -11.9% | −20.8% | −24% / +49% |
| CMCOM.ASCM.com N.V. | 188.7 m | — | -22.2% | -1.5% | −5.4% | +21% / −31% |
1- and 3-year price returns: for ABN.AS from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
ABN AMRO is a Dutch bank focused on retail banking in the Netherlands, private banking and global clearing. Its 2026-2028 strategy targets higher returns and lower costs, while the bank also weighs possible acquisitions such as NIBC Bank N.V.
SWOT
Strengths
- Strong position in the Dutch mortgage market and a broad retail client base.
- Diversified activity through global clearing, private banking and corporate finance.
- Comfortable regulatory capital, above the strategic target indicated in the report.
Weaknesses
- The cost/income ratio remains high relative to the 2028 strategic target.
- Reliance on net interest income makes results sensitive to the rate environment.
- Legacy processes and IT complexity slow digital transformation.
Opportunities
- Simplifying operations could reduce costs and could lift profitability.
- Financing the energy transition and corporate clients opens room for growth.
- Possible acquisitions, such as the one discussed for NIBC Bank, could broaden the product range.
Threats
- Competition in digital and retail banking could pressure margins.
- Regulatory requirements and penalties linked to financial crime could raise costs.
- A weaker Dutch economy could affect loan quality.
Risks
- Mortgage and corporate credit riskmedium
A downturn in the economy or in house prices could increase credit losses, especially in the mortgage and corporate portfolios.
- Strategy execution riskhigh
Reaching cost and profitability targets depends on the success of simplification programmes and IT complexity reduction.
- Financial crime riskhigh
Weaknesses in anti-money-laundering controls or compliance could lead to sanctions and remediation costs.
- Climate transition riskmedium
Clients in high-emitting sectors may struggle to adapt, which could affect the loan portfolio.
- Leadership change risklow
Executive and supervisory board changes could affect continuity of the strategy.
Investment thesis
What would need to be true (bull case)
- If efficiency programmes succeed, profitability could move toward the 2028 strategic target.
- The strong mortgage position and clearing activity could support revenues across different conditions.
- Comfortable capital could allow investment or acquisitions without excessive pressure on the balance sheet.
What would break the thesis
- If costs stay high, profitability could remain below the stated objectives.
- A decline in interest rates could reduce net interest income, the main source of revenue.
- Digital competition and regulatory demands could limit margins over the long term.
What to watch
- Progress of the cost/income ratio against the target below 55 percent2028
- Development of residential mortgages against the target above 190 billion EUR2028
- Decision on the possible acquisition of NIBC Bank N.V.next 10-K
- First-quarter results under the new strategyQ1 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
ABN AMRO offers retail banking, business banking and private banking services, with a branch network in the Netherlands and active operations across Northwest Europe. The bank relies on residential mortgages, corporate lending and clearing, which diversify its income. The annual report shows amounts due to customers of 256.2 billion EUR (fiscal 2025) and shareholders' equity of 26.1 billion EUR.
Segments
Retail banking and mortgages
The retail segment is centred on the Netherlands, with residential mortgages of 163 billion EUR in 2025 and a 2028 strategic ambition of above 190 billion EUR. It also includes BUUT, a digital bank launched in September 2025 for young people.
Private banking and wealth management
Client assets reached 283 billion EUR in 2025, with the goal of becoming a top 5 private bank in Europe and exceeding 335 billion EUR by 2028.
Corporate banking and clearing
The bank finances companies and supports the energy transition, with renewable energy financing of 5.8 billion EUR in 2025 and a target of 8 billion EUR by 2028. Global clearing, where the bank aims to stay in the top 3, diversifies revenues.
Market context
The bank's core market is the Netherlands and Northwest Europe, where mortgages and corporate lending are the main activities. The bank describes a focus on lower-risk activities, complemented by selective growth in European transitions. Interest and fee income depend on interest rate levels and economic activity in the region.
Trends
- Cost efficiencytailwind
The bank targets a cost/income ratio below 55 percent by 2028 through simpler operations and lower IT complexity. If efficiency programmes deliver real savings, profitability could improve.
- Digitalisation and youth bankingmixed
Clients expect intuitive digital banking, and apps such as Tikkie and BUUT show demand for it. This can bring new clients but requires continuing technology investment.
- Climate transitionmixed
The bank updated its climate strategy toward a well-below-2°C pathway and is working on a transition finance framework. Regulatory and client pressure can create opportunities but also adaptation costs.
- Regulatory pressureheadwind
Capital and compliance requirements, including those on financial crime, remain high. They can limit flexibility but support capital stability.
Competitive position
In the Netherlands, ABN AMRO competes with other large banks for retail and corporate clients, and in private banking with European institutions targeting the same affluent clients. The bank's advantage lies in its strong local mortgage position and its clearing activity. The list below names competitors identified from the available sources, without market share figures.
- ING Groep
Direct competitor in Dutch and Benelux retail and corporate banking.
- Rabobank
Dutch cooperative bank strong in mortgages and agricultural finance.
- BNP Paribas
European competitor in corporate banking, clearing and wealth management.
- Deutsche Bank
European competitor in corporate finance and institutional client services.
News & filings
In the press
- FOTO ABN AMRO Clearing Bank își extinde prezența în România și se mută în Palas Campus IașiProfit.ro · 08 Oct 2026 · RO
- Olandezii de la ABN AMRO îşi extind centrul de tehnologie din Iaşi şi îşi mută birourile în Palas CampusZiarul Financiar · 08 Oct 2026 · RO
- ABN Amro Welcomes Dutch Govt.'s Plan to Cut Stake, CEO SaysBloomberg Markets · 07 Oct 2026 · EN
- Dutch Government Plans to Cut ABN Amro Stake to 10.5% From 20.7%Bloomberg Markets · 07 Oct 2026 · EN
- ABN Amro unit to enter Japan electric power trading marketNikkei Asia · 05 Sept 2026 · EN
- ABN Amro Beats on Profit, Boosts Key Revenue Source OutlookBloomberg Markets · 12 Aug 2026 · EN
Annual reports (ESEF)
- Annual report 202518 Mar 2026
- Annual report 202418 Mar 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / ABN AMRO Bank N.V. · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.