TOP 101 - 2022
Estonia's most valuable enterprises
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TOP 2022 TOP 2021 Company name Value 2022 Value 2021 Change Turnover 2021 EBITDA 2021 CorpGov Score   Industry
1 2 SWEDBANK, AS K 1524.24 1900.01 -20% 16517.0 1743.0 88 Financial services
2 3 LUMINOR BANK, AS K 1301.15 1707.32 -24% 13316.8 1548.8 67 Financial services
3 4 GRAANUL INVEST, AS K 1299.79 1293.60 0% 456.9 111.8 52 Manufacturing: energy carriers
4 9 LHV GROUP, AS K 1173.38 707.36 66% 6844.9 316.4 75 ee Financial services
5 1 EESTI ENERGIA, AS K, 1 1129.26 2092.57 -46% 1313.0 142.5 58 ee Utility services
6 - ENEFIT GREEN, AS K 1104.58 - - 183.1 121.5 75 ee Manufacturing: energy carriers
7 5 TALLINK GRUPP, AS K 1038.12 1200.84 -14% 476.9 27.4 77 ee Transport, transit, logistics
8 7 RIIGI KINNISVARA, AS 1012.99 922.39 10% 147.5 66.4 61 ee Real estate operations
9 6 SEB PANK, AS K 948.15 1152.12 -18% 7939.9 1070.8 95 Financial services
10 8 RIIGIMETSA MAJANDAMISE KESKUS, SA 811.13 735.02 10% 221.3 94.7 60 ee Extraction of natural resources
11 13 UTILITAS, OÜ K 805.38 597.37 35% 159.9 60.9 33 Utility services
12 12 TELIA EESTI, AS 721.45 613.69 18% 354.6 102.8 63 IT and telecommunication services
13 11 TALLINNA KAUBAMAJA GRUPP, AS K 687.54 661.49 4% 821.6 58.1 81 ee Trade: consumer goods
14 16 VIRU KEEMIA GRUPP, AS K 591.04 436.65 35% 285.5 142.7 51 ee Manufacturing: energy carriers
15 10 TALLINNA SADAM, AS K 541.23 705.92 -23% 110.1 56.1 83 ee Transport, transit, logistics
16 15 BLRT GRUPP, AS K 537.86 453.36 19% 538.0 57.8 21 ee Manufacturing: industrial goods
17 19 ELERING, AS 517.53 360.46 44% 201.5 49.2 67 ee Utility services
18 21 INFORTAR, AS K 426.32 324.22 31% 412.6 45.6 37 ee Utility services
19 14 ERICSSON EESTI, AS 418.93 472.34 -11% 534.5 33.3 10 Manufacturing: industrial goods
20 18 BALTIC MARITIME LOGISTICS GROUP, AS K 417.57 385.35 8% 290.8 59.7 9 ee Transport, transit, logistics
21 - SYNLAB EESTI, OÜ 376.10 - - 104.5 47.1 21 Consumer services
22 17 KAPITEL, AS K 368.50 390.63 -6% 38.7 23.7 27 ee Real estate operations
23 25 BIGBANK, AS K 341.08 245.92 39% 1151.1 186.1 59 ee Financial services
24 20 TALLINNA VESI, AS K 324.63 334.10 -3% 53.3 21.3 87 ee Utility services
25 22 MERKO EHITUS, AS K 319.62 283.33 13% 339.4 31.4 80 ee Construction
26 37 LEMEKS, AS K 270.59 191.10 42% 193.3 34.6 19 ee Manufacturing: industrial goods
27 27 ELISA EESTI, AS 267.51 240.62 11% 134.4 38.8 44 IT and telecommunication services
28 39 KAAMOS HOLDING, OÜ 247.49 180.66 37% 99.5 28.3 21 ee Real estate operations
29 42 SUMMUS CAPITAL, OÜ K 234.57 168.83 39% 29.3 17.7 72 ee Real estate operations
30 26 GREN TARTU, AS K 227.04 241.06 -6% 43.8 17.9 24 Utility services

The value of companies listed in TOP 101 2022 is based on company’s 2019-2021 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, 2022.

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 2021" presents book value of total assets as at the end of 2021

*** For banks, other credit institutions and insurance companies, the column "EBITDA 2021" presents book value of shareholders' equity as at the end of 2021

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

2 The value of the subsidiary, Alexela Asset Management, was used last year

3 Company has changed its name. Formerly Alexela Logistics AS

4 Company has changed its name. Formerly Krimelte OÜ

5 For Admiral Markets Group AS the columns "Turnover" presents net gain and commission income 2021, "EBITDA" presents EBT 2021


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