Estonia's most valuable enterprises

TOP 2024	TOP 2023	Company name	Value 2024	Value 2023	Change	Turnover 2023	EBITDA 2023	CorpGov Score	Industry
1	1	SWEDBANK, AS ^(K)	1961.48	1529.02	28%	15390.0	2057.0	79	Financial services
2	3	LUMINOR BANK, AS ^(K)	1736.30	1352.26	28%	15492.1	1778.1	91	Financial services
3	4	EESTI ENERGIA, AS ^{(K) 1}	1622.54	1204.37	35%	1905.5	319.6	61	Utility services
4	2	ENEFIT GREEN, AS ^(K)	1395.63	1458.10	-4%	230.1	104.9	81	Manufacturing: energy carriers
5	10	SEB PANK, AS ^(K)	1138.25	982.69	16%	8647.8	1179.5	85	Financial services
6	5	LHV GROUP, AS ^(K)	1101.13	1154.60	-5%	7125.6	556.4	79	Financial services
7	12	INFORTAR, AS ^(K)	1082.84	799.78	35%	1084.6	143.0	74	Utility services
8	7	RIIGI KINNISVARA, AS	1066.74	1030.25	4%	158.5	69.7	68	Real estate operations
9	6	TALLINK GRUPP, AS ^(K)	1024.82	1106.55	-7%	835.3	125.0	79	Transport, transit, logistics
10	-	VIRU KEEMIA GRUPP, AS ^{(K) 2}	795.40	-	%	336.0	176.2	41	Manufacturing: energy carriers
11	14	TELIA EESTI, AS	752.71	678.84	11%	384.0	128.7	49	IT and telecommunication services
12	11	UTILITAS, OÜ ^(K)	738.35	844.73	-13%	219.3	71.9	44	Utility services
13	13	TKM Grupp, AS ^(K)	684.07	691.28	-1%	947.3	93.0	77	Trade: consumer goods
14	9	RIIGIMETSA MAJANDAMISE KESKUS, SA	633.87	1012.22	-37%	306.4	139.9	28	Extraction of natural resources
15	17	BALTIC MARITIME LOGISTICS GROUP, AS ^(K)	570.21	516.74	10%	349.3	100.4	18	Transport, transit, logistics
16	8	GRAANUL INVEST, AS ^(K)	478.84	1020.68	-53%	479.9	61.7	31	Manufacturing: energy carriers
17	16	TALLINNA SADAM, AS ^(K)	450.78	520.69	-13%	116.7	49.2	75	Transport, transit, logistics
18	18	ELERING, AS	449.87	482.89	-7%	244.7	74.8	59	Utility services
19	24	BIGBANK, AS ^(K)	435.19	350.82	24%	2291.1	248.0	59	Financial services
20	19	BLRT GRUPP, AS ^(K)	383.27	482.38	-21%	484.2	47.2	26	Manufacturing: industrial goods
21	22	KAPITEL, AS ^(K)	382.64	371.57	3%	49.8	28.4	20	Real estate operations
22	29	EFTEN REAL ESTATE FUND 4, UÜ	379.89	287.05	32%	25.9	24.7	44	Real estate operations
23	23	EFTEN REAL ESTATE FUND, AS ^(K)	342.56	363.34	-6%	31.8	26.2	58	Real estate operations
24	39	ELISA EESTI,, AS	314.29	193.71	62%	225.6	69.0	46	IT and telecommunication services
25	28	TALLINNA VESI, AS ^(K)	300.61	308.40	-3%	61.1	25.4	82	Utility services
26	21	ERICSSON EESTI, AS	296.48	406.55	-27%	420.7	26.8	16	Manufacturing: industrial goods
27	32	SUMMUS CAPITAL, OÜ ^(K)	294.60	261.57	13%	39.1	21.7	43	Real estate operations
28	26	MERKO EHITUS, AS ^(K)	280.07	332.75	-16%	466.0	48.0	76	Construction
29	33	NORTAL GROUP HOLDING, AS ^(K)	262.02	248.57	5%	211.9	30.1	20	IT and telecommunication services
30	41	ELME MESSER GAAS, AS ^(K)	235.26	189.24	24%	59.3	22.7	28	Manufacturing: energy carriers
31	20	COMBIWOOD GRUPP, OÜ ^(K)	228.27	438.81	-48%	178.3	16.9	22	Manufacturing: industrial goods
32	35	EFTEN KINNISVARAFOND II, AS ^(K)	222.12	203.49	9%	22.6	16.8	53	Real estate operations
33	15	MULTIMODALHD EESTI, OÜ	218.60	607.24	-64%	386.2	10.0	8	Trade: energy carriers
34	25	SYNLAB EESTI, OÜ	218.42	342.04	-36%	38.7	12.1	18	Consumer services
35	31	COOP PANK, AS ^(K)	217.30	265.32	-18%	1986.2	185.8	75	Financial services
36	45	RAMIRENT BALTIC, AS ^(K)	214.13	177.91	20%	91.1	28.8	34	Consumer services
37	40	ÜLEMISTE CENTER, OÜ	213.44	189.99	12%	17.9	16.4	23	Real estate operations
38	42	KASPERWIKI LAEVAOMANIKUD, OÜ ^(K)	209.94	183.18	15%	682.6	26.3	6	Trade: energy carriers
39	34	GREN TARTU, AS ^(K)	205.06	209.76	-2%	71.8	19.6	45	Utility services
40	37	CAPFIELD, OÜ ^(K)	199.60	197.60	1%	20.0	11.7	8	Real estate operations
41	-	TIIGI KESKUS, AS ^(K)	197.84	-	%	303.1	39.6	6	Manufacturing: consumer goods
42	-	SKINEST GRUPP, AS ^(K)	197.17	-	%	148.4	37.6	10	Trade: industrial goods
43	79	TOYOTA BALTIC, AS	194.71	110.32	76%	515.7	30.4	20	Trade: consumer goods
44	69	MOOTOR GRUPP, AS ^(K)	188.59	127.79	48%	84.4	24.3	8	Transport, transit, logistics
45	30	LEMEKS, AS ^(K)	185.42	274.34	-32%	187.7	31.2	19	Manufacturing: industrial goods
46	-	SPORTLAND INTERNATIONAL GROUP, AS ^(K)	182.40	-	%	164.8	19.7	12	Trade: consumer goods
47	49	TÜC MAJAD, AS	181.07	174.69	4%	22.0	13.1	20	Real estate operations
48	36	KAAMOS HOLDING, OÜ ^(K)	175.24	203.48	-14%	70.8	11.6	30	Real estate operations
49	51	ROCCA AL MARE KAUBANDUSKESKUSE, AS	171.65	168.87	2%	19.3	12.4	31	Real estate operations
50	47	GREN EESTI, AS	171.19	176.43	-3%	40.7	16.6	50	Utility services
51	38	A. LE COQ, AS	170.00	195.21	-13%	105.1	17.9	31	Manufacturing: consumer goods
52	90	GO GROUP, AS ^(K)	164.06	99.66	65%	103.8	23.2	25	Transport, transit, logistics
53	80	MAXIMA EESTI, OÜ	163.35	109.67	49%	593.3	22.1	33	Trade: consumer goods
54	-	BREAKWATER TECHNOLOGY, OÜ	162.21	-	-	26.2	14.5	8	IT and telecommunication services
55	-	CIRCLE K EESTI, AS	157.51	-	%	400.7	19.0	26	Trade: energy carriers
56	70	OG ELEKTRA, AS	153.51	126.27	22%	229.5	19.0	25	Trade: consumer goods
57	55	EKE, AS ^(K)	152.41	143.01	7%	21.2	11.1	24	Real estate operations
58	73	RIMI EESTI FOOD, AS	150.03	121.55	23%	471.1	17.3	39	Trade: consumer goods
59	58	AQUA MARINA, AS ^(K)	148.33	141.36	5%	597.2	18.3	6	Trade: energy carriers
60	46	GLAMOX, AS	147.86	177.21	-17%	71.2	12.7	35	Manufacturing: industrial goods
61	94	ADOLE INVEST, AS ^(K)	141.56	92.90	52%	345.4	22.1	8	Trade: consumer goods
62	72	KAWE, AS ^(K)	140.44	122.65	15%	29.2	11.9	18	Real estate operations
63	56	IF P&C INSURANCE, AS	139.13	142.16	-2%	382.1	147.9	50	Financial services
64	-	VEHO BALTICS, OÜ	136.40	-	-	528.6	22.9	16	Trade: consumer goods
65	78	ESTIKO GRUPP, AS ^(K)	136.03	105.82	29%	52.7	11.7	19	Real estate operations
66	44	EESTI POST, AS ^(K)	133.35	179.49	-26%	131.7	10.3	75	Transport, transit, logistics
67	43	EESTI LOTO, AS	133.15	179.72	-26%	88.1	15.4	57	Consumer services
68	71	RAADIKU ARENDUS, OÜ	132.08	125.67	5%	12.2	10.2	8	Real estate operations
69	64	HARJU ELEKTER, AS ^(K)	126.53	133.66	-5%	209.0	12.5	85	Manufacturing: industrial goods
70	74	KRISTIINE KESKUS, OÜ	125.77	120.36	4%	15.3	9.3	29	Real estate operations
71	65	HELMES, AS ^(K)	124.21	130.67	-5%	100.9	13.0	20	IT and telecommunication services
72	88	TALLINNA LENNUJAAM, AS ^(K)	117.68	102.00	15%	57.3	16.3	72	Transport, transit, logistics
73	63	PERFORCE SOFTWARE, AS	117.16	134.69	-13%	19.1	7.3	18	IT and telecommunication services
74	76	AQUAPHOR INTERNATIONAL, OÜ ^(K)	117.13	115.81	1%	98.2	15.7	6	Manufacturing: industrial goods
75	52	BITSGAP HOLDING, OÜ ^(K)	115.74	160.72	-28%	7.8	3.6	4	IT and telecommunication services
76	75	ESRAVEN, AS ^(K)	115.23	118.92	-3%	28.3	11.7	10	Real estate operations
77	59	TELE2 EESTI, AS	114.42	138.68	-17%	84.8	19.8	42	IT and telecommunication services
78	82	ASTRI, AS ^(K)	113.35	109.39	4%	13.2	8.2	27	Real estate operations
79	86	VIK KINNISVARA, AS ^(K)	112.75	105.66	7%	13.5	7.1	8	Real estate operations
80	27	TAVID, AS ^(K)	108.06	312.72	-65%	541.2	11.9	20	Trade: other
81	77	TOGGL, OÜ ^(K)	107.06	113.44	-6%	16.7	7.3	12	IT and telecommunication services
82	-	IPF DIGITAL, AS ^(K)	104.96	-	-	141.6	87.6	27	Financial services
83	67	ALFONS HAKANS, AS ^(K)	104.61	129.03	-19%	45.6	13.7	6	Transport, transit, logistics
84	68	SAKU ÕLLETEHASE, AS	100.42	128.23	-22%	72.2	9.1	46	Manufacturing: consumer goods
85	96	KAARSILLA KINNISVARA, OÜ	99.86	90.99	10%	11.9	7.9	10	Real estate operations
86	66	METAPRINT, AS	98.36	129.84	-24%	97.5	8.4	18	Manufacturing: industrial goods
87	100	HOTELL VIRU, AS	94.60	89.40	6%	7.6	7.3	3	Real estate operations
88	81	RAGLOR, OÜ ^(K)	93.37	109.65	-15%	236.0	10.9	8	Trade: consumer goods
89	99	ORKLA EESTI, AS	91.12	89.99	1%	96.5	12.2	46	Manufacturing: consumer goods
90	-	PRO KAPITAL GRUPP, AS ^(K)	91.10	-	%	23.0	3.4	85	Real estate operations
91	-	MOONRIDER, OÜ ^(K)	87.68	-	-	17.7	9.8	10	Transport, transit, logistics
92	-	ERGO INSURANCE, SE	87.41	-	-	346.5	92.3	53	Financial services
93	-	KEYSTONE SHIPPING, OÜ	86.35	-	-	226.5	20.1	6	Transport, transit, logistics
94	84	ICOSAGEN, AS ^(K)	86.02	107.08	-20%	14.5	4.8	22	Manufacturing: consumer goods
95	-	CRAMO ESTONIA, AS	86.01	-	%	31.8	10.9	44	Consumer services
96	-	ELKE GRUPI, AS ^(K)	85.85	-	-	230.5	12.6	24	Trade: consumer goods
97	95	INGROUP HOLDING, OÜ ^(K)	85.33	91.45	-7%	10.8	6.1	8	Real estate operations
98	-	LIVIKO, AS ^(K)	84.77	-	%	159.7	7.7	42	Manufacturing: consumer goods
99	-	WOLF GROUP, OÜ ^(K)	84.71	-	%	140.5	10.4	35	Manufacturing: industrial goods
100	53	EXMET, OÜ ^(K)	84.17	158.04	-47%	131.7	-0.2	22	Manufacturing: industrial goods
101	-	ROTERMANN CITY, OÜ ^(K)	81.77	-	%	7.9	6.7	8	Real estate operations

The value of companies listed in TOP 101 2024 is based on company’s 2021-2023 financial reports and the valuation is determined using the comparable trading multiples method. Publicly traded companies' valuation is based on the share price and balance sheet snapshot on June 30th, 2024

^K Behind the company name indicates that a consolidated report has been used

* TOP 101 presents enterprise value, except for banks, other credit institutions and insurance companies for which the respective column presents equity value

** For banks, other credit institutions and insurance companies, the column "Turnover 2023" presents book value of total assets as at the end of 2023

*** For banks, other credit institutions and insurance companies, the column "EBITDA 2023" presents book value of shareholders' equity as at the end of 2023

¹ The value of Enefit Green is not included in the value of Eesti Energia

² The value of VIRU KEEMIA GRUPP, AS reflects the combined values of Viru Keemia Grupp and Kirde Investeeringud, treating them as a single entity.

TOP 101 - 2024
Estonia's most valuable enterprises
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Villu Zirnask | Estonia needs bigger companies. Let's not be afraid of M&A deals

Illar Kaasik | Four years of decline - ratio of the total value of TOP101 companies to Estonia's GDP falling

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TOP 101 - 2024 Estonia's most valuable enterprises Discover your company’s value