Estonia's most valuable enterprises

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	Financial services
5	1	EESTI ENERGIA, AS ^{K, 1}	1129.26	2092.57	-46%	1313.0	142.5	58	Utility services
6	-	ENEFIT GREEN, AS ^K	1104.58	-	-	183.1	121.5	75	Manufacturing: energy carriers
7	5	TALLINK GRUPP, AS ^K	1038.12	1200.84	-14%	476.9	27.4	77	Transport, transit, logistics
8	7	RIIGI KINNISVARA, AS	1012.99	922.39	10%	147.5	66.4	61	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	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	Trade: consumer goods
14	16	VIRU KEEMIA GRUPP, AS ^K	591.04	436.65	35%	285.5	142.7	51	Manufacturing: energy carriers
15	10	TALLINNA SADAM, AS ^K	541.23	705.92	-23%	110.1	56.1	83	Transport, transit, logistics
16	15	BLRT GRUPP, AS ^K	537.86	453.36	19%	538.0	57.8	21	Manufacturing: industrial goods
17	19	ELERING, AS	517.53	360.46	44%	201.5	49.2	67	Utility services
18	21	INFORTAR, AS ^K	426.32	324.22	31%	412.6	45.6	37	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	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	Real estate operations
23	25	BIGBANK, AS ^K	341.08	245.92	39%	1151.1	186.1	59	Financial services
24	20	TALLINNA VESI, AS ^K	324.63	334.10	-3%	53.3	21.3	87	Utility services
25	22	MERKO EHITUS, AS ^K	319.62	283.33	13%	339.4	31.4	80	Construction
26	37	LEMEKS, AS ^K	270.59	191.10	42%	193.3	34.6	19	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	Real estate operations
29	42	SUMMUS CAPITAL, OÜ ^K	234.57	168.83	39%	29.3	17.7	72	Real estate operations
30	26	GREN TARTU, AS ^K	227.04	241.06	-6%	43.8	17.9	24	Utility 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 - 2022
Estonia's most valuable enterprises
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TOP 101 - 2022 Estonia's most valuable enterprises Discover your company’s value