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

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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