TOP 101 - 2019
Estonia's most valuable enterprises
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TOP 2019 TOP 2018 Company name Value 2019 Value 2018 Change Turnover 2018 EBITDA 2018 CorpGov Score   Industry
3 - EESTI ENERGIA, AS (K) 1261.15 - 0% 875.3 271.2 100 ee Utility services
50 - LHV GROUP, AS (K) 115.95 - 0% 1677.1 157.8 100 ee Financial services
19 - NORDMET, AS (K) 242.32 - 0% 441.4 39.1 31 ee Trade: industrial goods
34 - TIIGI KESKUS, AS (K) 146.84 - 0% 151.5 17.3 32 ee Manufacturing: consumer goods
72 - BALTIC SEA BUNKERING, OÜ (K) 90.02 - 0% 493.1 7.9 34 ee Trade: energy carriers
83 - LTH-BAAS, AS (K) 83.25 - 0% 51.1 18.1 34 ee Manufacturing: industrial goods
89 - PREMCOAL BALTIC, OÜ 75.39 - 0% 167.0 23.7 34 Trade: energy carriers
52 - DIARANA, OÜ (K) 112.69 - 0% 16.6 10.6 37 Real estate operations
37 - BURFA CAPITAL, OÜ (K) 142.33 - 0% 37.5 28.0 46 ee IT and telecommunication services
54 - VISIONAL INVEST, OÜ (K) 109.92 - 0% 146.4 17.8 48 ee Manufacturing: industrial goods
77 - MAAG GRUPP, AS (K) 87.46 - 0% 222.6 11.5 48 ee Manufacturing: consumer goods
55 - ALEXELA GROUP, OÜ (K) 106.86 - 0% 294.8 10.1 49 ee Trade: energy carriers
86 - VIRU VÄLJAKU ARENDUSE, AS 79.24 - 0% 6.6 6.2 51 Real estate operations
18 - BALTIC MARITIME LOGISTICS GROUP, AS (K) 243.96 - 0% 169.1 25.5 53 ee Transport, transit, logistics
47 - SILLAMÄE SADAM, AS 117.75 - 0% 23.4 14.5 53 ee Transport, transit, logistics
58 - AQUA MARINA, AS 103.93 - 0% 8.8 8.3 53 ee Real estate operations
64 - SUMMUS CAPITAL, OÜ (K) 95.38 - 0% 14.0 9.5 53 ee Real estate operations
48 - ÜLEMISTE CENTER, OÜ (K) 117.15 - 0% 11.2 6.3 54 Real estate operations
68 - FORTUM EESTI, AS 93.30 - 0% 19.3 13.9 54 Utility services
80 - SPORTLAND INTERNATIONAL GROUP, AS (K) 84.48 - 0% 123.0 16.0 54 Trade: consumer goods
88 - AMBIENT SOUND INVESTMENTS, OÜ (K) 77.33 - 0% 130.7 94.0 54 ee Financial services
73 - ASTRI, AS (K) 89.37 - 0% 11.4 7.6 56 ee Real estate operations
65 - HORIZON TSELLULOOSI JA PABERI, AS (K) 94.97 - 0% 63.8 17.0 57 Manufacturing: industrial goods
95 - VALIO EESTI, AS 71.50 - 0% 122.5 8.1 57 Manufacturing: consumer goods
71 - ESRAVEN, AS (K) 90.49 - 0% 20.3 7.8 58 ee Real estate operations
90 - OLEREX, AS 75.15 - 0% 384.1 5.2 58 ee Trade: energy carriers
97 - KOLM KIVIKEST, OÜ (K) 69.33 - 0% 128.8 9.3 59 Trade: industrial goods
60 - RONDAM GRUPP, AS (K) 102.37 - 0% 39.7 9.0 60 ee Real estate operations
93 - VESTMAN ENERGIA, AS (K) 71.79 - 0% 19.7 13.1 61 ee Manufacturing: industrial goods
33 - ALEXELA LOGISTICS, AS (K) 147.65 - 0% 51.7 14.4 62 Trade: energy carriers
75 - METAPRINT, AS 88.88 - 0% 59.7 12.4 62 ee Manufacturing: industrial goods
99 - METRO HOLDING, OÜ (K) 69.25 - 0% 42.6 6.4 62 ee Real estate operations
46 - STORA ENSO EESTI, AS 120.03 - 0% 223.5 13.3 63 Manufacturing: industrial goods
39 - DBT, AS (K) 130.86 - 0% 53.6 14.0 64 Transport, transit, logistics
61 - MANOIR ENERGY, OÜ 98.47 - 0% 567.1 6.5 64 ee Trade: energy carriers
79 - OG ELEKTRA, AS 86.95 - 0% 140.7 8.9 64 ee Trade: consumer goods
57 - PKC EESTI, AS 104.49 - 0% 202.9 18.3 65 Manufacturing: industrial goods
62 - ALFONS HAKANS, AS (K) 97.26 - 0% 40.3 11.8 65 Transport, transit, logistics
92 - EUROBIO LAB, OÜ 72.46 - 0% 25.1 6.6 65 Manufacturing: consumer goods
17 - BLRT GRUPP, AS (K) 309.35 - 0% 425.8 33.6 66 ee Manufacturing: industrial goods
31 - ROCCA AL MARE KAUBANDUSKESKUSE, AS 171.18 - 0% 17.5 13.1 66 Real estate operations
101 - SAINT-GOBAIN GLASS ESTONIA, SE 67.10 - 0% 67.3 7.8 66 Manufacturing: industrial goods
29 - INFORTAR, AS (K) 172.58 - 0% 190.9 18.6 67 ee Utility services
38 - KAAMOS HOLDING, OÜ 136.67 - 0% 62.9 17.5 67 ee Manufacturing: industrial goods
20 - ERICSSON EESTI, AS 227.95 - 0% 701.6 17.0 68 Manufacturing: industrial goods
36 - RAMIRENT BALTIC, AS 143.69 - 0% 58.0 18.9 68 Trade: industrial goods
42 - TECHNOPOLIS ÜLEMISTE, AS 126.02 - 0% 15.3 10.0 68 ee Real estate operations
53 - EKE, AS (K) 110.59 - 0% 17.1 8.9 68 ee Real estate operations
67 - MAINOR, AS (K) 93.77 - 0% 18.4 9.7 68 ee Real estate operations
66 - SILBERAUTO, AS (K) 93.93 - 0% 386.8 11.0 69 ee Trade: consumer goods
15 - UTILITAS, OÜ (K) 333.69 - 0% 132.7 45.9 70 ee Utility services
25 - A. LE COQ, AS 181.29 - 0% 70.4 17.3 70 Manufacturing: consumer goods
28 - GLAMOX, AS 176.40 - 0% 49.9 15.8 70 Manufacturing: industrial goods
41 - MAXIMA EESTI, OÜ 129.34 - 0% 481.8 11.7 70 Trade: consumer goods
51 - RAADIKU ARENDUS, OÜ 115.16 - 0% 9.8 8.7 71 Real estate operations
56 - TELE2 EESTI, AS 105.43 - 0% 76.1 14.3 71 IT and telecommunication services
78 - HKSCAN ESTONIA, AS 87.10 - 0% 147.0 8.7 71 Manufacturing: consumer goods
84 - ENICS EESTI, AS 82.23 - 0% 107.9 7.4 71 Manufacturing: industrial goods
23 - CIRCLE K EESTI, AS 187.94 - 0% 318.5 19.2 72 Trade: energy carriers
43 - KAWE, AS (K) 125.53 - 0% 12.6 9.1 72 Real estate operations
63 - HOTELL VIRU, AS 95.88 - 0% 6.4 6.5 72 Real estate operations
85 - ORKLA EESTI, AS 81.77 - 0% 79.6 10.0 73 Manufacturing: consumer goods
94 - CRAMO ESTONIA, AS 71.58 - 0% 23.0 8.7 73 Trade: industrial goods
21 - ELISA EESTI, AS 211.99 - 0% 109.8 30.8 74 IT and telecommunication services
45 - RIMI EESTI FOOD, AS 123.76 - 0% 374.3 10.0 74 Trade: consumer goods
91 - KUNDA NORDIC TSEMENT, AS 73.99 - 0% 48.6 9.1 74 Manufacturing: industrial goods
40 - ELISA TELETEENUSED, AS 130.37 - 0% 47.1 23.0 75 IT and telecommunication services
10 - GRAANUL INVEST, AS (K) 470.77 - 0% 300.6 71.7 76 ee Manufacturing: energy carriers
13 - UP INVEST, AS (K) 429.91 - 0% 615.8 35.9 76 ee Trade: consumer goods
69 - WENDRE, AS 91.46 - 0% 109.6 8.2 79 Manufacturing: consumer goods
44 - ESTONIAN CELL, AS 124.08 - 0% 90.5 21.1 80 Manufacturing: industrial goods
70 - EESTI LOTO, AS 90.93 - 0% 55.6 9.0 80 ee Consumer services
24 - FORTUM TARTU, AS (K) 181.97 - 0% 34.3 23.8 81 Utility services
82 - SAKU ÕLLETEHASE, AS 83.51 - 0% 61.7 8.3 81 Manufacturing: consumer goods
11 - RIIGIMETSA MAJANDAMISE KESKUS, SA 458.39 - 0% 209.1 92.1 82 ee Manufacturing: industrial goods
74 - ORLEN EESTI, OÜ 88.99 - 0% 478.9 6.2 82 Trade: energy carriers
32 - IF P&C INSURANCE, AS (K) 165.88 - 0% 344.8 160.6 83 Financial services
98 - HARJU ELEKTER, AS (K) 69.32 - 0% 120.8 5.0 83 ee Manufacturing: industrial goods
49 - SILVANO FASHION GROUP, AS (K) 116.68 - 0% 62.2 19.3 84 ee Manufacturing: consumer goods
7 - NG INVESTEERINGUD, OÜ (K) 608.99 - 0% 822.5 53.2 85 ee Trade: consumer goods
9 - RIVERITO, AS (K) 503.34 - 0% 462.7 46.4 86 ee Real estate operations
12 - VIRU KEEMIA GRUPP, AS (K) 434.85 - 0% 208.9 80.7 86 ee Manufacturing: energy carriers
26 - EFTEN KINNISVARAFOND II, AS (K) 179.54 - 0% 29.2 16.0 86 ee Real estate operations
27 - EFTEN KINNISVARAFOND, AS (K) 178.50 - 0% 15.6 13.0 86 ee Real estate operations
87 - EFTEN REAL Estate FUND III, AS (K) 78.23 - 0% 8.7 6.7 89 ee Real estate operations
6 - TELIA EESTI, AS 614.47 - 0% 301.9 92.1 90 IT and telecommunication services
16 - ELERING, AS 320.08 - 0% 143.0 65.5 90 ee Utility services
35 - LENNULIIKLUSTEENINDUSE, AS 146.38 - 0% 28.3 11.7 91 ee Transport, transit, logistics
30 - TALLINNA LENNUJAAM, AS (K) 172.44 - 0% 43.8 15.0 92 ee Transport, transit, logistics
96 - OPERAIL, AS (K) 69.67 - 0% 71.3 14.2 93 ee Transport, transit, logistics
8 - RIIGI KINNISVARA, AS (K) 504.22 - 0% 106.5 38.7 94 ee Real estate operations
76 - BIGBANK, AS 88.12 - 0% 528.5 121.2 94 ee Financial services
22 - TALLINNA VESI, AS (K) 196.48 - 0% 62.8 34.4 95 ee Utility services
14 - LUMINOR BANK, AS (K) 346.30 - 0% 4060.6 474.5 96 Financial services
59 - ADMIRAL MARKETS GROUP, AS (K) (1) 103.70 - 0% 34.1 10.9 96 ee Financial services
81 - UPM-KYMMENE OTEPÄÄ, OÜ 84.15 - 0% 51.2 14.0 96 Manufacturing: industrial goods
1 - TALLINK GRUPP, AS K 1743.06 - 0% 949.7 142.7 97 ee Transport, transit, logistics
100 - EESTI POST, AS (K) 67.96 - 0% 106.2 7.4 97 ee Transport, transit, logistics
2 - SWEDBANK, AS (K) 1283.86 - 0% 11196.0 1753.0 98 Financial services
4 - SEB PANK, AS (K) 756.98 - 0% 6558.2 1033.6 98 Financial services
5 - TALLINNA SADAM, AS (K) 656.04 - 0% 130.6 73.4 98 ee Transport, transit, logistics

(K)   Behind the company name indicates that a consolidated report has been used.

*       The TOP of 2019 is based on annual reports of 2016-2018.

**     TOP 101 reflects company's enterprise value. With the exception of financial services providers- for these companies equity value is reflected.

***    For financial services providers, the columns "Turnover" and "EBITDA" present book value of total assets and equity at the end of 2018, respectively

(1)     For Admiral Markets Group AS the columns "Turnover" and "EBITDA" presents net gain and EBT, respectively.


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