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

(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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