TOP 101 - 2021
Estonia's most valuable enterprises
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TOP 2021 TOP 2020 Company name Value 2021 Value 2020 Change Turnover 2020 EBITDA 2020 CorpGov Score   Industry
16 10 VIRU KEEMIA GRUPP, AS K 436.65 597.12 -27% 207.8 80.8 58 ee Manufacturing: energy carriers
13 15 UTILITAS, OÜ K, 1 597.37 334.83 78% 124.8 54.2 31 Utility services
51 55 UPM-KYMMENE OTEPÄÄ, OÜ 146.17 109.55 33% 46.2 9.3 31 Manufacturing: industrial goods
54 37 ÜLEMISTE CENTER, OÜ 142.85 142.92 0% 11.4 10.0 24 Real estate operations
61 - TOGGL, OÜ K 124.09 - - 11.2 4.7 12 ee IT and telecommunication services
98 - TOFTAN, AS 89.60 - - 64.4 8.7 21 Manufacturing: industrial goods
30 - TIIGI KESKUS, AS K 214.89 - - 205.2 22.7 13 ee Manufacturing: consumer goods
74 - THERMORY, AS K 114.01 - - 109.0 12.5 25 ee Manufacturing: industrial goods
12 8 TELIA EESTI, AS 613.69 606.34 1% 344.8 92.0 36 IT and telecommunication services
60 48 TELE2 EESTI, AS 127.44 120.42 6% 77.8 20.8 33 IT and telecommunication services
45 31 TECHNOPOLIS ÜLEMISTE, AS 162.03 156.62 3% 18.3 11.3 15 ee Real estate operations
82 - TAVID, AS K 104.27 - - 345.6 11.9 18 ee Kaubandus: muud
20 26 TALLINNA VESI, AS K, 1 334.10 182.19 83% 51.7 23.0 79 ee Utility services
10 9 TALLINNA SADAM, AS K, 1 705.92 599.10 18% 107.4 57.7 68 ee Transport, transit, logistics
99 49 TALLINNA LENNUJAAM, AS K 88.38 118.51 -25% 20.6 5.6 66 ee Transport, transit, logistics
11 - TALLINNA KAUBAMAJA GRUPP, AS K, 1, 2 661.49 - - 741.9 63.4 83 ee Trade: consumer goods
5 2 TALLINK GRUPP, AS K, 1 1200.84 1194.34 1% 442.9 -8.3 82 ee Transport, transit, logistics
2 3 SWEDBANK, AS K, 1 1900.01 935.24 103% 14893.0 1734.0 88 Financial services
93 78 SWEDBANK INVESTEERIMISFONDID, AS 3 96.07 77.77 24% 14.2 3.2 41 Financial services
41 35 SUMMUS CAPITAL, OÜ K 168.83 146.45 15% 17.7 11.4 37 ee Real estate operations
65 57 STORA ENSO EESTI, AS 120.58 105.58 14% 170.6 10.2 35 Manufacturing: industrial goods
46 67 SPACECOM, AS K 158.17 92.30 71% 20.9 17.9 10 Consumer services
31 - SKINEST GRUPP, AS K 208.11 - - 115.1 22.4 21 ee Consumer services
56 50 SILLAMÄE SADAM, AS 134.78 118.23 14% 29.0 19.0 11 ee Transport, transit, logistics
6 11 SEB PANK, AS K, 1 1152.12 554.02 108% 7489.9 1047.7 90 Financial services
67 69 SAKU ÕLLETEHASE, AS 119.68 89.83 33% 65.0 11.2 30 Manufacturing: consumer goods
39 24 ROCCA AL MARE KAUBANDUSKESKUSE, AS 180.52 190.72 -5% 16.3 11.2 21 Real estate operations
73 44 RIMI EESTI FOOD, AS 114.31 124.44 -8% 382.5 12.2 18 Trade: consumer goods
8 7 RIIGIMETSA MAJANDAMISE KESKUS, SA 735.02 624.16 18% 187.5 46.7 60 ee Extraction of natural resources
7 5 RIIGI KINNISVARA, AS 922.39 800.60 15% 130.1 62.2 59 ee Real estate operations
34 28 RAMIRENT BALTIC, AS K 197.28 163.13 21% 50.6 17.1 39 Consumer services
59 41 RAADIKU ARENDUS, OÜ 127.84 126.25 1% 12.9 8.7 8 Real estate operations
75 - PRO KAPITAL GRUPP, AS K, 1 111.63 - - 19.2 0.4 72 ee Real estate operations
92 - PLUSPLUS CAPITAL, AS K 96.70 - - 21.6 14.5 10 ee Consumer services
80 66 ORKLA EESTI, AS 105.26 92.71 14% 82.2 10.6 31 Manufacturing: consumer goods
76 - OLYMPIC ENTERTAINMENT GROUP, AS 110.26 - - 35.6 7.2 46 Consumer services
70 64 OG ELEKTRA, AS 118.24 93.61 26% 170.5 14.9 10 ee Trade: consumer goods
57 94 NORTAL GROUP HOLDING, AS K 133.98 64.99 106% 89.3 13.1 10 ee IT and telecommunication services
23 21 NORDMET, AS K 274.31 228.41 20% 192.3 19.8 8 ee Trade: industrial goods
22 27 MERKO EHITUS, AS K, 1 283.33 173.95 63% 315.9 26.3 80 ee Construction
89 53 MAXIMA EESTI, OÜ 98.69 113.62 -13% 502.9 11.6 22 Trade: consumer goods
96 73 MAINOR, AS K 89.89 84.20 7% 20.6 6.4 13 ee Real estate operations
71 65 MAAG GRUPP, AS K 116.09 92.75 25% 222.2 12.7 32 ee Manufacturing: consumer goods
3 4 LUMINOR BANK, AS K, 1 1707.32 812.37 110% 14924.1 1665.2 54 Financial services
86 58 LTH-BAAS, AS K 103.13 105.13 -2% 57.5 3.4 13 ee Manufacturing: industrial goods
9 56 LHV GROUP, AS K, 1 707.36 106.93 562% 4971.4 236.8 72 ee Financial services
36 - LEMEKS, AS K, 4 191.10 - - 120.0 16.0 23 ee Manufacturing: industrial goods
68 45 KRISTIINE KESKUS, OÜ 119.25 122.30 -2% 11.3 7.9 18 Real estate operations
69 101 KRIMELTE, OÜ K 118.70 58.69 102% 111.1 12.7 28 ee Manufacturing: industrial goods
52 36 KAWE, AS K 143.01 145.03 -1% 12.8 9.2 26 Real estate operations
17 13 KAPITEL, AS K 390.63 421.63 -7% 39.0 24.4 12 ee Real estate operations
38 52 KAAMOS HOLDING, OÜ 180.66 114.70 58% 71.8 14.7 32 ee Real estate operations
87 - INTERTIMBER GROUP, OÜ K 100.26 - - 28.1 8.2 8 ee Trade: industrial goods
21 20 INFORTAR, AS K 324.22 254.11 28% 208.6 34.5 43 ee Utility services
55 46 IF P&C INSURANCE, AS 140.28 120.64 16% 393.6 180.2 35 Financial services
90 79 HKSCAN ESTONIA, AS 98.20 77.23 27% 164.5 11.2 33 Manufacturing: consumer goods
101 - HELMES, AS K 86.29 - - 47.5 8.2 14 ee IT and telecommunication services
42 98 HARJU ELEKTER, AS K, 1 168.30 60.19 180% 146.6 9.4 80 ee Manufacturing: industrial goods
26 32 GREN TARTU, AS K, 1 241.06 155.15 55% 29.9 20.1 29 Utility services
58 72 GREN EESTI, AS 1 129.74 84.92 53% 16.2 9.8 39 Utility services
4 12 GRAANUL INVEST, AS K, 1 1293.60 463.37 179% 443.8 116.5 39 Manufacturing: energy carriers
37 34 GLAMOX, AS 183.10 151.13 21% 49.3 12.2 30 Manufacturing: industrial goods
95 - FOXWAY, OÜ K 93.13 - - 94.4 11.2 8 Trade: consumer goods
72 - FLIR SYSTEMS ESTONIA, OÜ 115.67 - - 81.0 9.0 18 Manufacturing: industrial goods
91 77 EUROBIO LAB, OÜ 97.15 79.35 22% 26.2 8.3 10 ee Manufacturing: consumer goods
63 51 ESTIKO GRUPP, AS K 121.80 117.84 3% 40.7 10.0 17 ee Real estate operations
83 62 ESRAVEN, AS K 104.15 97.01 7% 19.3 7.8 13 ee Real estate operations
14 14 ERICSSON EESTI, AS 472.34 335.98 41% 617.6 30.1 69 Manufacturing: industrial goods
84 - ELME MESSER GAAS, AS K 104.10 - - 42.3 12.2 28 ee Manufacturing: energy carriers
48 38 ELISA TELETEENUSED, AS 150.03 137.81 9% 53.0 22.3 46 IT and telecommunication services
27 22 ELISA EESTI, AS 240.62 224.63 7% 121.9 37.8 46 IT and telecommunication services
19 18 ELERING, AS 360.46 265.80 36% 137.1 68.8 63 ee Utility services
53 33 EKE, AS K 142.90 153.16 -7% 17.8 8.7 13 ee Real estate operations
40 59 EFTEN REAL ESTATE FUND III, AS K, 1 174.56 101.57 72% 10.7 8.6 47 ee Real estate operations
79 - EFTEN REAL ESTATE FUND 4, UÜ 106.33 - - 9.5 8.6 34 ee Real estate operations
29 23 EFTEN KINNISVARAFOND, AS K 216.03 204.46 6% 15.5 14.6 41 ee Real estate operations
24 19 EFTEN KINNISVARAFOND II, AS K 260.97 254.24 3% 20.0 16.1 36 ee Real estate operations
47 - EESTI POST, AS K 150.54 - - 131.5 19.2 62 ee Transport, transit, logistics
43 63 EESTI LOTO, AS 168.05 95.35 76% 77.5 14.7 57 ee Consumer services
94 - EESTI KESKKONNATEENUSED, AS K 94.06 - - 49.0 9.3 22 ee Consumer services
1 1 EESTI ENERGIA, AS K 2092.57 1614.48 30% 833.7 192.2 58 ee Utility services
88 - EASTMAN SPECIALTIES, OÜ 99.11 - - 61.5 11.8 50 Manufacturing: industrial goods
35 25 DBT, AS K 195.15 186.14 5% 39.1 9.8 21 Transport, transit, logistics
32 - COOP PANK, AS K, 1 200.76 - - 869.9 97.6 71 ee Financial services
44 40 CIRCLE K EESTI, AS 164.88 129.65 27% 265.6 21.1 24 Trade: energy carriers
50 - CAPFIELD, OÜ K 147.17 - - 16.2 10.6 9 Real estate operations
97 - BURFA CAPITAL, OÜ K 89.87 - - 16.3 6.3 15 ee IT and telecommunication services
15 16 BLRT GRUPP, AS K 453.36 290.92 56% 391.6 40.5 16 ee Manufacturing: industrial goods
25 90 BIGBANK, AS K, 1 245.92 67.91 262% 757.8 156.2 60 ee Financial services
18 17 BALTIC MARITIME LOGISTICS GROUP, AS K 385.35 273.86 41% 183.4 32.3 8 ee Transport, transit, logistics
77 54 ASTRI, AS K 109.94 111.54 -1% 10.6 6.8 21 ee Real estate operations
81 - AQUAPHOR INTERNATIONAL, OÜ K 104.39 - - 64.2 11.5 10 ee Manufacturing: industrial goods
49 30 AQUA MARINA, AS K 148.83 159.20 -7% 331.2 24.8 8 ee Trade: energy carriers
85 92 AMBIENT SOUND INVESTMENTS, OÜ K 103.26 66.61 55% 162.6 113.0 24 ee Financial services
66 61 ALFONS HAKANS, AS K 120.32 99.98 20% 42.4 17.5 13 Transport, transit, logistics
100 99 ALEXELA VARAHALDUSE, AS K 87.02 59.29 47% 320.4 15.7 23 ee Trade: energy carriers
62 39 ALEXELA LOGISTICS, AS K 123.82 134.61 -8% 45.1 18.2 8 Trade: energy carriers
64 85 ALEXELA GROUP, OÜ K 120.74 73.91 63% 197.6 19.0 23 ee Trade: energy carriers
28 60 ADMIRAL MARKETS GROUP, AS K, 3 228.34 100.35 128% 65.6 21.6 52 ee Financial services
78 80 ABB, AS 108.86 77.16 41% 156.7 8.0 35 Manufacturing: industrial goods
33 29 A. LE COQ, AS 198.88 162.00 23% 70.8 17.2 27 Manufacturing: consumer goods

The value of companies listed in TOP 101 – 2021 is based on company’s 2018-2020 financial reports and the valuation is determined using the comparable trading multiples method. In case of the listed companies, the value is based on the company’s value on the stock exchange as of 30.06.2021.

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 2019" presents book value of total assets as at the end of 2020

*** For banks, other credit institutions and insurance companies, the column "EBITDA 2019" presents book value of shareholders' equity as at the end of 2020

1 The change in value is due to updated methodology

2 Last year included in the consolidated annual report of NG INvesteerinugd, AS

3 For Admiral Markets Group AS and Swedbank Investeerimisfondid AS the columns "Turnover" presents net gain and commission income 2020, "EBITDA" presents EBT 2020

4 Last year included in the consolidated annual report of Visional Invest, AS


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