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TOP 101 - 2023
Estonia's most valuable enterprises
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TOP 101 - 2023
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Latvia's TOP 101 Latvia's TOP 101 most valuable enterprises - TOP101

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TOP 2023 TOP 2022 Company name Value 2023 Value 2022 Change Turnover 2022 EBITDA 2022 CorpGov Score   Industry
15 - MULTIMODALHD EESTI, OÜ 607.24 - - 557.7 89.0 13 Trade: energy carriers
20 - COMBIWOOD GRUPP, OÜ (K) 438.81 - - 244.6 52.4 23 ee Manufacturing: industrial goods
23 - EFTEN REAL ESTATE FUND, AS (K) 363.34 - % 14.3 11.8 - ee Real estate operations
52 - BITSGAP HOLDING, OÜ (K) 160.72 - - 18.0 14.8 6 ee IT and telecommunication services
60 - NORDMET, AS (K) 136.65 - % 172.0 9.0 6 ee Trade: industrial goods
61 - SKINEST RAIL, AS (K) 136.49 - - 118.7 16.1 10 ee Consumer services
62 - VIIRATSI SAEVESKI, AS (K) 135.95 - - 15.5 18.9 6 ee Manufacturing: industrial goods
63 - PERFORCE SOFTWARE, AS 134.69 - - 21.0 7.7 11 IT and telecommunication services
69 - MOOTOR GRUPP, AS (K) 127.79 - - 63.6 18.5 10 ee Transport, transit, logistics
84 - ICOSAGEN, AS (K) 107.08 - - 14.8 7.1 9 ee Manufacturing: consumer goods
86 - VIK KINNISVARA, AS (K) 105.66 - - 13.6 6.2 18 ee Real estate operations
90 - GO GROUP, AS (K) 99.66 - - 90.2 8.5 28 ee Transport, transit, logistics
91 - TAMRO EESTI, OÜ 96.13 - - 190.9 10.0 10 Manufacturing: industrial goods
92 - TRANS OPTIMA GROUP, OÜ 94.38 - - 66.1 10.3 2 Transport, transit, logistics
95 - Ingroup Holding, OÜ (K) 91.45 - - 12.0 6.5 10 Real estate operations
96 - KAARSILLA KINNISVARA, OÜ 90.99 - % 11.9 6.8 14 ee Real estate operations
97 - BARRUS, AS (K) 90.55 - - 102.8 12.4 24 Manufacturing: industrial goods
101 - AMBIENT SOUND INVESTMENTS, OÜ (K) 84.25 - % 195.4 129.1 22 ee Financial services
100 101 HOTELL VIRU, AS 89.40 84.36 6% 7.1 6.8 8 Real estate operations
88 100 TALLINNA LENNUJAAM, AS (K) 102.00 86.15 18% 50.0 17.0 73 ee Transport, transit, logistics
87 99 AKTIVA FINANCE GROUP, OÜ (K) 105.52 87.79 20% 29.8 15.7 15 ee Financial services
98 98 HORIZON TSELLULOOSI JA PABERI, AS (K) 90.00 87.86 2% 68.1 20.5 47 Manufacturing: industrial goods
93 94 MAINOR, AS (K) 93.60 90.92 3% 30.4 6.3 32 ee Real estate operations
99 91 ORKLA EESTI, AS 89.99 92.93 -3% 91.9 10.5 30 Manufacturing: consumer goods
79 90 TOYOTA BALTIC, AS 110.32 95.32 16% 386.3 19.9 20 Trade: consumer goods
94 89 ADOLE INVEST, AS (K) 92.90 96.19 -3% 198.8 15.7 8 Trade: consumer goods
66 88 METAPRINT, AS 129.84 99.52 30% 99.7 19.1 18 ee Manufacturing: industrial goods
81 87 RAGLOR, OÜ (K) 109.65 101.70 8% 226.1 15.0 6 ee Trade: consumer goods
78 86 ESTIKO GRUPP, AS (K) 111.90 102.84 9% 54.0 9.7 27 ee Real estate operations
82 83 ASTRI, AS (K) 109.39 105.48 4% 12.8 8.0 29 ee Real estate operations
75 82 ESRAVEN, AS (K) 118.92 108.00 10% 28.2 12.0 8 ee Real estate operations
65 81 HELMES, AS (K) 130.67 110.09 19% 91.6 15.3 20 ee IT and telecommunication services
77 80 TOGGL, OÜ (K) 113.44 110.93 2% 15.0 6.9 12 ee IT and telecommunication services
80 78 MAXIMA EESTI, OÜ 109.67 112.41 -2% 546.4 10.1 38 Trade: consumer goods
76 77 AQUAPHOR INTERNATIONAL, OÜ (K) 115.81 112.52 3% 94.8 11.1 10 ee Manufacturing: industrial goods
70 76 OG ELEKTRA, AS 126.27 112.92 12% 207.7 14.0 25 ee Trade: consumer goods
53 74 EXMET, OÜ (K) 158.04 119.80 32% 180.7 23.2 28 ee Manufacturing: industrial goods
54 72 ADMIRAL GROUP, AS (K), 3 149.49 120.58 24% 70.7 24.4 57 ee Financial services
74 71 KRISTIINE KESKUS, OÜ 120.36 121.62 -1% 14.0 7.7 36 Real estate operations
71 70 RAADIKU ARENDUS, OÜ 125.67 123.94 1% 11.1 9.1 8 Real estate operations
67 69 ALFONS HAKANS, AS (K) 129.03 124.54 4% 48.4 19.2 8 Transport, transit, logistics
56 67 IF P&C INSURANCE, AS 142.16 127.18 12% 405.6 146.8 31 Financial services
68 66 SAKU ÕLLETEHASE, AS 128.23 127.97 0% 72.3 10.4 41 Manufacturing: consumer goods
64 65 HARJU ELEKTER, AS (K) 133.66 131.77 1% 175.3 0.0 - ee Manufacturing: industrial goods
72 64 KAWE, AS (K) 122.65 132.12 -7% 13.7 8.1 24 Real estate operations
83 63 SILLAMÄE SADAM, AS 108.28 133.61 -19% 20.7 10.5 11 ee Transport, transit, logistics
27 62 TAVID, AS (K) 312.72 137.63 127% 738.8 23.4 20 ee Trade: other
73 61 RIMI EESTI FOOD, AS 121.55 137.71 -12% 440.7 11.8 34 Trade: consumer goods
55 60 EKE, AS (K) 143.01 139.97 2% 20.6 10.7 19 ee Real estate operations
58 59 AQUA MARINA, AS (K) 141.36 141.53 0% 665.6 26.3 8 ee Trade: energy carriers
89 58 UPM-KYMMENE OTEPÄÄ, OÜ 101.44 141.80 -28% 66.3 13.3 8 Manufacturing: industrial goods
59 57 TELE2 EESTI, AS 138.68 143.48 -3% 85.1 22.5 39 IT and telecommunication services
85 56 NORD TERMINALS, AS (K) 105.69 143.57 -26% 47.7 14.9 27 Trade: energy carriers
43 55 EESTI LOTO, AS 179.72 148.80 21% 86.6 17.1 53 ee Consumer services
41 54 ELME MESSER GAAS, AS (K) 189.24 149.21 27% 52.7 16.7 30 ee Manufacturing: energy carriers
39 27 ELISA EESTI, AS 2 193.71 160.54 21% 100.0 36.1 44 IT and telecommunication services
42 51 KASPERWIKI LAEVAOMANIKUD, OÜ (K) 183.18 161.43 13% 721.6 28.7 8 ee Trade: energy carriers
40 48 ÜLEMISTE CENTER, OÜ 189.99 168.47 13% 16.4 14.6 27 Real estate operations
44 47 EESTI POST, AS (K) 179.49 170.83 5% 122.9 14.6 54 ee Transport, transit, logistics
49 46 TECHNOPOLIS ÜLEMISTE, AS 174.69 171.07 2% 22.0 12.5 16 ee Real estate operations
51 45 ROCCA AL MARE KAUBANDUSKESKUSE, AS 168.87 173.67 -3% 18.5 11.2 38 Real estate operations
29 44 EFTEN REAL ESTATE FUND 4, UÜ 287.05 173.69 65% 24.0 20.1 44 ee Real estate operations
45 43 RAMIRENT BALTIC, AS (K) 177.91 174.33 2% 85.6 24.9 30 Consumer services
50 42 TOFTAN, AS 173.41 175.12 -1% 109.4 27.5 17 Manufacturing: industrial goods
57 41 THERMORY, AS (K) 141.80 177.96 -20% 149.3 16.8 24 ee Manufacturing: industrial goods
48 40 STORA ENSO EESTI, AS 174.89 179.52 -3% 287.8 30.1 8 Manufacturing: industrial goods
33 39 NORTAL GROUP HOLDING, AS (K) 248.57 182.71 36% 189.8 32.3 20 ee IT and telecommunication services
37 38 CAPFIELD, OÜ (K) 197.60 186.55 6% 21.3 11.6 9 Real estate operations
38 37 A. LE COQ, AS 195.21 186.67 5% 96.5 17.6 30 Manufacturing: consumer goods
47 36 GREN EESTI, AS 176.43 189.26 -7% 35.9 14.1 30 Utility services
46 35 GLAMOX, AS 177.21 189.56 -7% 75.4 13.1 35 Manufacturing: industrial goods
31 32 COOP PANK, AS (K) 265.32 211.51 25% 1714.2 149.1 - ee Financial services
35 31 EFTEN KINNISVARAFOND II, AS (K) 203.49 217.23 -6% 18.8 13.1 45 ee Real estate operations
34 30 GREN TARTU, AS (K) 209.76 227.04 -8% 58.3 19.2 19 Utility services
32 29 SUMMUS CAPITAL, OÜ (K) 261.57 234.57 12% 39.0 18.0 60 ee Real estate operations
36 28 KAAMOS HOLDING, OÜ 203.48 247.49 -18% 90.3 15.5 8 ee Real estate operations
30 26 LEMEKS, AS (K) 274.34 270.59 1% 225.1 47.0 19 ee Manufacturing: industrial goods
26 25 MERKO EHITUS, AS (K) 332.75 319.62 4% 409.6 37.9 - ee Construction
28 24 TALLINNA VESI, AS (K) 308.40 324.63 -5% 54.6 18.1 - ee Utility services
24 23 BIGBANK, AS (K) 350.82 341.08 3% 1646.4 213.4 69 ee Financial services
22 22 KAPITEL, AS (K) 371.57 368.50 1% 48.2 26.8 25 ee Real estate operations
25 21 SYNLAB EESTI, OÜ 342.04 376.10 -9% 64.9 24.0 21 Consumer services
17 20 BALTIC MARITIME LOGISTICS GROUP, AS (K) 516.74 417.57 24% 449.0 137.4 11 ee Transport, transit, logistics
21 19 ERICSSON EESTI, AS 406.55 418.93 -3% 516.5 35.5 10 Manufacturing: industrial goods
12 18 INFORTAR, AS (K) 799.78 426.32 88% 1053.7 119.8 37 ee Utility services
18 17 ELERING, AS 482.89 517.53 -7% 387.0 61.5 64 ee Utility services
19 16 BLRT GRUPP, AS (K) 482.38 537.86 -10% 535.3 42.4 24 ee Manufacturing: industrial goods
16 15 TALLINNA SADAM, AS (K) 520.69 541.23 -4% 121.7 55.8 - ee Transport, transit, logistics
13 13 TALLINNA KAUBAMAJA GRUPP, AS (K) 691.28 687.54 1% 862.8 79.0 - ee Trade: consumer goods
14 12 TELIA EESTI, AS 678.84 721.45 -6% 364.6 109.6 44 IT and telecommunication services
11 11 UTILITAS, OÜ (K) 844.73 805.38 5% 255.8 70.6 44 Utility services
9 10 RIIGIMETSA MAJANDAMISE KESKUS, SA 1012.22 811.13 25% 302.3 159.2 41 ee Extraction of natural resources
10 9 SEB PANK, AS (K) 982.69 948.15 4% 8275.7 1088.1 95 Financial services
7 8 RIIGI KINNISVARA, AS 1030.25 1012.99 2% 156.0 64.9 63 ee Real estate operations
6 7 TALLINK GRUPP, AS (K) 1106.55 1038.12 7% 771.4 136.0 - ee Transport, transit, logistics
2 6 ENEFIT GREEN, AS (K) 1458.10 1104.58 32% 256.0 155.0 - ee Manufacturing: energy carriers
4 5 EESTI ENERGIA, AS (K), 1 1204.37 1129.26 7% 2218.2 185.9 63 ee Utility services
5 4 LHV GROUP, AS (K) 1154.60 1173.38 -2% 6135.0 420.8 - ee Financial services
8 3 GRAANUL INVEST, AS (K) 1020.68 1299.79 -21% 589.9 142.2 32 Manufacturing: energy carriers
3 2 LUMINOR BANK, AS (K) 1352.26 1301.15 4% 14756.7 1583.4 67 Financial services
1 1 SWEDBANK, AS (K) 1529.02 1524.24 0% 14727.0 1765.0 74 Financial services

The value of companies listed in TOP 101 2023 is based on company’s 2020-2022 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 2022" presents book value of total assets as at the end of 2022

*** For banks, other credit institutions and insurance companies, the column "EBITDA 2022" presents book value of shareholders' equity as at the end of 2022

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

2 In October 2022, the companies Elisa Eesti AS and Elisa Teleteenused AS merged based on another company. The merged entity operates under the business name Elisa Eesti AS.

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


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