TOP 101 - 2022
Estonia's most valuable enterprises
Discover your company’s value

TOP 2022 TOP 2021 Company name Value 2022 Value 2021 Change Turnover 2021 EBITDA 2021 CorpGov Score   Industry
59 50 AQUA MARINA, AS K 141.53 148.83 -5% 419.7 16.9 3 ee Trade: energy carriers
68 47 SPACECOM, AS K 126.53 158.17 -20% 14.1 11.0 3 Consumer services
81 101 HELMES, AS K 110.09 86.29 28% 64.1 12.5 5 ee IT and telecommunication services
58 52 UPM-KYMMENE OTEPÄÄ, OÜ 141.80 146.17 -3% 58.7 15.7 6 Manufacturing: industrial goods
73 88 INTERTIMBER GROUP, OÜ K 119.85 100.26 20% 38.0 14.1 6 ee Trade: industrial goods
87 - RAGLOR, OÜ K 101.70 - - 211.5 17.3 6 ee Trade: consumer goods
93 73 FLIR SYSTEMS ESTONIA, OÜ 92.39 115.67 -20% 78.5 6.6 6 Manufacturing: industrial goods
51 - KASPERWIKI LAEVAOMANIKUD, OÜ K , 2 161.43 - - 484.6 22.2 8 ee Trade: energy carriers
70 60 RAADIKU ARENDUS, OÜ 123.94 127.84 -3% 10.6 8.7 8 Real estate operations
74 - EXMET, OÜ K 119.80 - - 173.6 31.4 8 ee Manufacturing: industrial goods
77 82 AQUAPHOR INTERNATIONAL, OÜ K 112.52 104.39 8% 95.8 15.2 8 ee Manufacturing: industrial goods
99 - AKTIVA FINANTS, OÜ K 87.79 - - 24.5 14.8 8 ee Financial services
101 - HOTELL VIRU, AS 84.36 - - 6.5 6.2 8 Real estate operations
20 18 BALTIC MARITIME LOGISTICS GROUP, AS K 417.57 385.35 8% 290.8 59.7 9 ee Transport, transit, logistics
38 51 CAPFIELD, OÜ K 186.55 147.17 27% 17.1 10.9 9 Real estate operations
19 14 ERICSSON EESTI, AS 418.93 472.34 -11% 534.5 33.3 10 Manufacturing: industrial goods
42 98 TOFTAN, AS 175.12 89.60 95% 100.0 25.8 10 Manufacturing: industrial goods
75 - ECOBIRCH AS 114.03 - - 48.5 13.7 10 ee Manufacturing: industrial goods
63 57 SILLAMÄE SADAM, AS 133.61 134.78 -1% 27.6 17.7 11 ee Transport, transit, logistics
95 - ITM TRADE, OÜ K 90.61 - - 21.3 11.1 11 ee IT and telecommunication services
96 96 FOXWAY, OÜ K 89.19 93.13 -4% 131.5 8.8 11 Trade: consumer goods
39 58 NORTAL GROUP HOLDING, AS K 182.71 133.98 36% 130.8 21.0 12 ee IT and telecommunication services
33 30 TIIGI KESKUS, AS K 211.42 214.89 -2% 212.2 21.9 13 ee Manufacturing: consumer goods
80 62 TOGGL, OÜ K 110.93 124.09 -11% 12.7 6.7 13 ee IT and telecommunication services
82 84 ESRAVEN, AS K 108.00 104.15 4% 23.2 9.7 13 ee Real estate operations
89 - ADOLE INVEST, AS K 96.19 84.68 - 180.1 12.9 13 Trade: consumer goods
85 70 Wolf Group OÜ K, 4 103.41 118.70 -13% 137.7 10.9 17 ee Manufacturing: industrial goods
41 75 THERMORY, AS K 177.96 114.01 56% 142.0 22.6 18 ee Manufacturing: industrial goods
62 83 TAVID, AS K 137.63 104.27 32% 545.0 16.2 18 ee Trade: other
69 67 ALFONS HAKANS, AS K 124.54 120.32 4% 41.2 16.7 18 Transport, transit, logistics
88 - METAPRINT, AS 99.52 86.22 - 82.3 16.2 18 ee Manufacturing: industrial goods
26 37 LEMEKS, AS K 270.59 191.10 42% 193.3 34.6 19 ee Manufacturing: industrial goods
60 54 EKE, AS K 139.97 142.90 -2% 16.6 9.3 19 ee Real estate operations
90 - TOYOTA BALTIC, AS 95.32 - - 361.9 16.9 20 Trade: consumer goods
16 15 BLRT GRUPP, AS K 537.86 453.36 19% 538.0 57.8 21 ee Manufacturing: industrial goods
21 - SYNLAB EESTI, OÜ 376.10 - - 104.5 47.1 21 Consumer services
28 39 KAAMOS HOLDING, OÜ 247.49 180.66 37% 99.5 28.3 21 ee Real estate operations
71 69 KRISTIINE KESKUS, OÜ 121.62 119.25 2% 12.1 8.6 21 Real estate operations
46 46 TECHNOPOLIS ÜLEMISTE, AS 171.07 162.03 6% 19.0 12.2 23 ee Real estate operations
30 26 GREN TARTU, AS K 227.04 241.06 -6% 43.8 17.9 24 Utility services
49 45 CIRCLE K EESTI, AS 166.94 164.88 1% 340.1 24.6 24 Trade: energy carriers
79 65 ALEXELA GROUP, OÜ K 112.02 120.74 -7% 316.8 13.3 24 ee Trade: energy carriers
94 97 MAINOR, AS K 90.92 89.89 1% 23.7 6.2 24 ee Real estate operations
56 63 NORD TERMINALS, AS K, 3 143.57 123.82 16% 42.6 14.3 25 Trade: energy carriers
76 71 OG ELEKTRA, AS 112.92 118.24 -4% 183.1 11.6 25 ee Trade: consumer goods
40 66 STORA ENSO EESTI, AS 179.52 120.58 49% 239.9 23.6 26 Manufacturing: industrial goods
22 17 KAPITEL, AS K 368.50 390.63 -6% 38.7 23.7 27 ee Real estate operations
84 72 MAAG GRUPP, AS K 103.62 116.09 -11% 233.0 11.5 27 ee Manufacturing: consumer goods
86 64 ESTIKO GRUPP, AS K 102.84 121.80 -16% 48.6 8.6 27 ee Real estate operations
36 59 GREN EESTI, AS 189.26 129.74 46% 25.2 16.6 29 Utility services
64 53 KAWE, AS K 132.12 143.01 -8% 11.9 8.3 29 Real estate operations
37 34 A. LE COQ, AS 186.67 198.88 -6% 77.1 17.4 30 Manufacturing: consumer goods
54 85 ELME MESSER GAAS, AS K 149.21 104.10 43% 52.5 15.7 30 ee Manufacturing: energy carriers
83 78 ASTRI, AS K 105.48 109.94 -4% 11.6 6.9 30 ee Real estate operations
53 36 DBT, AS K 158.22 195.15 -19% 44.4 13.6 31 Transport, transit, logistics
91 81 ORKLA EESTI, AS 92.93 105.26 -12% 86.1 10.0 31 Manufacturing: consumer goods
11 13 UTILITAS, OÜ K 805.38 597.37 35% 159.9 60.9 33 Utility services
78 90 MAXIMA EESTI, OÜ 112.41 98.69 14% 519.8 15.1 33 Trade: consumer goods
67 56 IF P&C INSURANCE, AS 127.18 140.28 -9% 405.3 177.7 35 Financial services
31 24 EFTEN KINNISVARAFOND II, AS K 217.23 260.97 -17% 14.9 11.7 36 ee Real estate operations
48 55 ÜLEMISTE CENTER, OÜ 168.47 142.85 18% 13.6 12.1 36 Real estate operations
18 21 INFORTAR, AS K 426.32 324.22 31% 412.6 45.6 37 ee Utility services
98 - HORIZON TSELLULOOSI JA PABERI, AS K 87.86 - - 57.9 17.0 37 Manufacturing: industrial goods
45 40 ROCCA AL MARE KAUBANDUSKESKUSE, AS 173.67 180.52 -4% 16.4 11.2 38 Real estate operations
43 35 RAMIRENT BALTIC, AS K 174.33 197.28 -12% 65.3 21.5 39 Consumer services
57 61 TELE2 EESTI, AS 143.48 127.44 13% 83.2 20.3 40 IT and telecommunication services
66 68 SAKU ÕLLETEHASE, AS 127.97 119.68 7% 69.3 12.5 41 Manufacturing: consumer goods
97 - LIVIKO, AS K 89.11 - - 138.4 5.9 42 ee Manufacturing: consumer goods
27 27 ELISA EESTI, AS 267.51 240.62 11% 134.4 38.8 44 IT and telecommunication services
52 49 ELISA TELETEENUSED, AS 160.54 150.03 7% 55.9 23.4 44 IT and telecommunication services
61 74 RIMI EESTI FOOD, AS 137.71 114.31 20% 408.7 16.6 45 Trade: consumer goods
50 41 EFTEN REAL ESTATE FUND III, AS K 161.74 174.56 -7% 12.9 10.2 46 ee Real estate operations
35 38 GLAMOX, AS 189.56 183.10 4% 73.9 16.5 49 Manufacturing: industrial goods
14 16 VIRU KEEMIA GRUPP, AS K 591.04 436.65 35% 285.5 142.7 51 ee Manufacturing: energy carriers
34 29 EFTEN KINNISVARAFOND, AS K 199.36 216.03 -8% 15.6 11.7 51 ee Real estate operations
3 4 GRAANUL INVEST, AS K 1299.79 1293.60 0% 456.9 111.8 52 Manufacturing: energy carriers
44 80 EFTEN REAL ESTATE FUND 4, UÜ 173.69 106.33 63% 15.1 10.9 54 ee Real estate operations
5 1 EESTI ENERGIA, AS K, 1 1129.26 2092.57 -46% 1313.0 142.5 58 ee Utility services
23 25 BIGBANK, AS K 341.08 245.92 39% 1151.1 186.1 59 ee Financial services
10 8 RIIGIMETSA MAJANDAMISE KESKUS, SA 811.13 735.02 10% 221.3 94.7 60 ee Extraction of natural resources
72 28 ADMIRAL MARKETS GROUP, AS K , 5 120.58 228.34 -47% 37.1 0.4 60 ee Financial services
8 7 RIIGI KINNISVARA, AS 1012.99 922.39 10% 147.5 66.4 61 ee Real estate operations
55 44 EESTI LOTO, AS 148.80 168.05 -11% 86.3 16.9 62 ee Consumer services
12 12 TELIA EESTI, AS 721.45 613.69 18% 354.6 102.8 63 IT and telecommunication services
47 48 EESTI POST, AS K 170.83 150.54 13% 144.3 26.5 66 ee Transport, transit, logistics
2 3 LUMINOR BANK, AS K 1301.15 1707.32 -24% 13316.8 1548.8 67 Financial services
17 19 ELERING, AS 517.53 360.46 44% 201.5 49.2 67 ee Utility services
100 99 TALLINNA LENNUJAAM, AS K 86.15 88.38 -3% 29.8 11.0 68 ee Transport, transit, logistics
29 42 SUMMUS CAPITAL, OÜ K 234.57 168.83 39% 29.3 17.7 72 ee Real estate operations
4 9 LHV GROUP, AS K 1173.38 707.36 66% 6844.9 316.4 75 ee Financial services
6 - ENEFIT GREEN, AS K 1104.58 - - 183.1 121.5 75 ee Manufacturing: energy carriers
92 - OPERAIL, AS K 92.71 - - 71.2 16.7 76 ee Transport, transit, logistics
7 5 TALLINK GRUPP, AS K 1038.12 1200.84 -14% 476.9 27.4 77 ee Transport, transit, logistics
25 22 MERKO EHITUS, AS K 319.62 283.33 13% 339.4 31.4 80 ee Construction
13 11 TALLINNA KAUBAMAJA GRUPP, AS K 687.54 661.49 4% 821.6 58.1 81 ee Trade: consumer goods
15 10 TALLINNA SADAM, AS K 541.23 705.92 -23% 110.1 56.1 83 ee Transport, transit, logistics
65 43 HARJU ELEKTER, AS K 131.77 168.30 -22% 152.8 6.2 84 ee Manufacturing: industrial goods
24 20 TALLINNA VESI, AS K 324.63 334.10 -3% 53.3 21.3 87 ee Utility services
1 2 SWEDBANK, AS K 1524.24 1900.01 -20% 16517.0 1743.0 88 Financial services
32 33 COOP PANK, AS K 211.51 200.76 5% 1242.0 111.7 90 ee Financial services
9 6 SEB PANK, AS K 948.15 1152.12 -18% 7939.9 1070.8 95 Financial services

The value of companies listed in TOP 101 2022 is based on company’s 2019-2021 financial reports and the valuation is determined using the comparable trading multiples method. Publicly traded companies' valuation is based on the share price and balance sheet snapshot on June 30th, 2022.

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 2021" presents book value of total assets as at the end of 2021

*** For banks, other credit institutions and insurance companies, the column "EBITDA 2021" presents book value of shareholders' equity as at the end of 2021

1 The value of Enefit Green is not included in the value of Eesti Energia

2 The value of the subsidiary, Alexela Asset Management, was used last year

3 Company has changed its name. Formerly Alexela Logistics AS

4 Company has changed its name. Formerly Krimelte OÜ

5 For Admiral Markets Group AS the columns "Turnover" presents net gain and commission income 2021, "EBITDA" presents EBT 2021


TOP 101 values and GDP Estonia

Read more

TOP 101 threshold

Read more

Industry comparison

Read more