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

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

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