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

(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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