TOP 101 - 2019
Estonia's most valuable enterprises
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TOP 2019 TOP 2018 Company name Value 2019 Value 2018 Change Turnover 2018 EBITDA 2018 CorpGov Score   Industry
69 - WENDRE, AS 91.46 - 0% 109.6 8.2 79 Manufacturing: consumer goods
54 - VISIONAL INVEST, OÜ (K) 109.92 - 0% 146.4 17.8 48 ee Manufacturing: industrial goods
86 - VIRU VÄLJAKU ARENDUSE, AS 79.24 - 0% 6.6 6.2 51 Real estate operations
12 - VIRU KEEMIA GRUPP, AS (K) 434.85 - 0% 208.9 80.7 86 ee Manufacturing: energy carriers
93 - VESTMAN ENERGIA, AS (K) 71.79 - 0% 19.7 13.1 61 ee Manufacturing: industrial goods
95 - VALIO EESTI, AS 71.50 - 0% 122.5 8.1 57 Manufacturing: consumer goods
15 - UTILITAS, OÜ (K) 333.69 - 0% 132.7 45.9 70 ee Utility services
81 - UPM-KYMMENE OTEPÄÄ, OÜ 84.15 - 0% 51.2 14.0 96 Manufacturing: industrial goods
13 - UP INVEST, AS (K) 429.91 - 0% 615.8 35.9 76 ee Trade: consumer goods
48 - ÜLEMISTE CENTER, OÜ (K) 117.15 - 0% 11.2 6.3 54 Real estate operations
34 - TIIGI KESKUS, AS (K) 146.84 - 0% 151.5 17.3 32 ee Manufacturing: consumer goods
6 - TELIA EESTI, AS 614.47 - 0% 301.9 92.1 90 IT and telecommunication services
56 - TELE2 EESTI, AS 105.43 - 0% 76.1 14.3 71 IT and telecommunication services
42 - TECHNOPOLIS ÜLEMISTE, AS 126.02 - 0% 15.3 10.0 68 ee Real estate operations
22 - TALLINNA VESI, AS (K) 196.48 - 0% 62.8 34.4 95 ee Utility services
5 - TALLINNA SADAM, AS (K) 656.04 - 0% 130.6 73.4 98 ee Transport, transit, logistics
30 - TALLINNA LENNUJAAM, AS (K) 172.44 - 0% 43.8 15.0 92 ee Transport, transit, logistics
1 - TALLINK GRUPP, AS K 1743.06 - 0% 949.7 142.7 97 ee Transport, transit, logistics
2 - SWEDBANK, AS (K) 1283.86 - 0% 11196.0 1753.0 98 Financial services
64 - SUMMUS CAPITAL, OÜ (K) 95.38 - 0% 14.0 9.5 53 ee Real estate operations
46 - STORA ENSO EESTI, AS 120.03 - 0% 223.5 13.3 63 Manufacturing: industrial goods
80 - SPORTLAND INTERNATIONAL GROUP, AS (K) 84.48 - 0% 123.0 16.0 54 Trade: consumer goods
49 - SILVANO FASHION GROUP, AS (K) 116.68 - 0% 62.2 19.3 84 ee Manufacturing: consumer goods
47 - SILLAMÄE SADAM, AS 117.75 - 0% 23.4 14.5 53 ee Transport, transit, logistics
66 - SILBERAUTO, AS (K) 93.93 - 0% 386.8 11.0 69 ee Trade: consumer goods
4 - SEB PANK, AS (K) 756.98 - 0% 6558.2 1033.6 98 Financial services
82 - SAKU ÕLLETEHASE, AS 83.51 - 0% 61.7 8.3 81 Manufacturing: consumer goods
101 - SAINT-GOBAIN GLASS ESTONIA, SE 67.10 - 0% 67.3 7.8 66 Manufacturing: industrial goods
60 - RONDAM GRUPP, AS (K) 102.37 - 0% 39.7 9.0 60 ee Real estate operations
31 - ROCCA AL MARE KAUBANDUSKESKUSE, AS 171.18 - 0% 17.5 13.1 66 Real estate operations
9 - RIVERITO, AS (K) 503.34 - 0% 462.7 46.4 86 ee Real estate operations
45 - RIMI EESTI FOOD, AS 123.76 - 0% 374.3 10.0 74 Trade: consumer goods
11 - RIIGIMETSA MAJANDAMISE KESKUS, SA 458.39 - 0% 209.1 92.1 82 ee Manufacturing: industrial goods
8 - RIIGI KINNISVARA, AS (K) 504.22 - 0% 106.5 38.7 94 ee Real estate operations
36 - RAMIRENT BALTIC, AS 143.69 - 0% 58.0 18.9 68 Trade: industrial goods
51 - RAADIKU ARENDUS, OÜ 115.16 - 0% 9.8 8.7 71 Real estate operations
89 - PREMCOAL BALTIC, OÜ 75.39 - 0% 167.0 23.7 34 Trade: energy carriers
57 - PKC EESTI, AS 104.49 - 0% 202.9 18.3 65 Manufacturing: industrial goods
74 - ORLEN EESTI, OÜ 88.99 - 0% 478.9 6.2 82 Trade: energy carriers
85 - ORKLA EESTI, AS 81.77 - 0% 79.6 10.0 73 Manufacturing: consumer goods
96 - OPERAIL, AS (K) 69.67 - 0% 71.3 14.2 93 ee Transport, transit, logistics
90 - OLEREX, AS 75.15 - 0% 384.1 5.2 58 ee Trade: energy carriers
79 - OG ELEKTRA, AS 86.95 - 0% 140.7 8.9 64 ee Trade: consumer goods
19 - NORDMET, AS (K) 242.32 - 0% 441.4 39.1 31 ee Trade: industrial goods
7 - NG INVESTEERINGUD, OÜ (K) 608.99 - 0% 822.5 53.2 85 ee Trade: consumer goods
99 - METRO HOLDING, OÜ (K) 69.25 - 0% 42.6 6.4 62 ee Real estate operations
75 - METAPRINT, AS 88.88 - 0% 59.7 12.4 62 ee Manufacturing: industrial goods
41 - MAXIMA EESTI, OÜ 129.34 - 0% 481.8 11.7 70 Trade: consumer goods
61 - MANOIR ENERGY, OÜ 98.47 - 0% 567.1 6.5 64 ee Trade: energy carriers
67 - MAINOR, AS (K) 93.77 - 0% 18.4 9.7 68 ee Real estate operations
77 - MAAG GRUPP, AS (K) 87.46 - 0% 222.6 11.5 48 ee Manufacturing: consumer goods
14 - LUMINOR BANK, AS (K) 346.30 - 0% 4060.6 474.5 96 Financial services
83 - LTH-BAAS, AS (K) 83.25 - 0% 51.1 18.1 34 ee Manufacturing: industrial goods
50 - LHV GROUP, AS (K) 115.95 - 0% 1677.1 157.8 100 ee Financial services
35 - LENNULIIKLUSTEENINDUSE, AS 146.38 - 0% 28.3 11.7 91 ee Transport, transit, logistics
91 - KUNDA NORDIC TSEMENT, AS 73.99 - 0% 48.6 9.1 74 Manufacturing: industrial goods
97 - KOLM KIVIKEST, OÜ (K) 69.33 - 0% 128.8 9.3 59 Trade: industrial goods
43 - KAWE, AS (K) 125.53 - 0% 12.6 9.1 72 Real estate operations
38 - KAAMOS HOLDING, OÜ 136.67 - 0% 62.9 17.5 67 ee Manufacturing: industrial goods
29 - INFORTAR, AS (K) 172.58 - 0% 190.9 18.6 67 ee Utility services
32 - IF P&C INSURANCE, AS (K) 165.88 - 0% 344.8 160.6 83 Financial services
63 - HOTELL VIRU, AS 95.88 - 0% 6.4 6.5 72 Real estate operations
65 - HORIZON TSELLULOOSI JA PABERI, AS (K) 94.97 - 0% 63.8 17.0 57 Manufacturing: industrial goods
78 - HKSCAN ESTONIA, AS 87.10 - 0% 147.0 8.7 71 Manufacturing: consumer goods
98 - HARJU ELEKTER, AS (K) 69.32 - 0% 120.8 5.0 83 ee Manufacturing: industrial goods
10 - GRAANUL INVEST, AS (K) 470.77 - 0% 300.6 71.7 76 ee Manufacturing: energy carriers
28 - GLAMOX, AS 176.40 - 0% 49.9 15.8 70 Manufacturing: industrial goods
24 - FORTUM TARTU, AS (K) 181.97 - 0% 34.3 23.8 81 Utility services
68 - FORTUM EESTI, AS 93.30 - 0% 19.3 13.9 54 Utility services
92 - EUROBIO LAB, OÜ 72.46 - 0% 25.1 6.6 65 Manufacturing: consumer goods
44 - ESTONIAN CELL, AS 124.08 - 0% 90.5 21.1 80 Manufacturing: industrial goods
71 - ESRAVEN, AS (K) 90.49 - 0% 20.3 7.8 58 ee Real estate operations
20 - ERICSSON EESTI, AS 227.95 - 0% 701.6 17.0 68 Manufacturing: industrial goods
84 - ENICS EESTI, AS 82.23 - 0% 107.9 7.4 71 Manufacturing: industrial goods
40 - ELISA TELETEENUSED, AS 130.37 - 0% 47.1 23.0 75 IT and telecommunication services
21 - ELISA EESTI, AS 211.99 - 0% 109.8 30.8 74 IT and telecommunication services
16 - ELERING, AS 320.08 - 0% 143.0 65.5 90 ee Utility services
53 - EKE, AS (K) 110.59 - 0% 17.1 8.9 68 ee Real estate operations
87 - EFTEN REAL Estate FUND III, AS (K) 78.23 - 0% 8.7 6.7 89 ee Real estate operations
27 - EFTEN KINNISVARAFOND, AS (K) 178.50 - 0% 15.6 13.0 86 ee Real estate operations
26 - EFTEN KINNISVARAFOND II, AS (K) 179.54 - 0% 29.2 16.0 86 ee Real estate operations
100 - EESTI POST, AS (K) 67.96 - 0% 106.2 7.4 97 ee Transport, transit, logistics
70 - EESTI LOTO, AS 90.93 - 0% 55.6 9.0 80 ee Consumer services
3 - EESTI ENERGIA, AS (K) 1261.15 - 0% 875.3 271.2 100 ee Utility services
52 - DIARANA, OÜ (K) 112.69 - 0% 16.6 10.6 37 Real estate operations
39 - DBT, AS (K) 130.86 - 0% 53.6 14.0 64 Transport, transit, logistics
94 - CRAMO ESTONIA, AS 71.58 - 0% 23.0 8.7 73 Trade: industrial goods
23 - CIRCLE K EESTI, AS 187.94 - 0% 318.5 19.2 72 Trade: energy carriers
37 - BURFA CAPITAL, OÜ (K) 142.33 - 0% 37.5 28.0 46 ee IT and telecommunication services
17 - BLRT GRUPP, AS (K) 309.35 - 0% 425.8 33.6 66 ee Manufacturing: industrial goods
76 - BIGBANK, AS 88.12 - 0% 528.5 121.2 94 ee Financial services
72 - BALTIC SEA BUNKERING, OÜ (K) 90.02 - 0% 493.1 7.9 34 ee Trade: energy carriers
18 - BALTIC MARITIME LOGISTICS GROUP, AS (K) 243.96 - 0% 169.1 25.5 53 ee Transport, transit, logistics
73 - ASTRI, AS (K) 89.37 - 0% 11.4 7.6 56 ee Real estate operations
58 - AQUA MARINA, AS 103.93 - 0% 8.8 8.3 53 ee Real estate operations
88 - AMBIENT SOUND INVESTMENTS, OÜ (K) 77.33 - 0% 130.7 94.0 54 ee Financial services
62 - ALFONS HAKANS, AS (K) 97.26 - 0% 40.3 11.8 65 Transport, transit, logistics
33 - ALEXELA LOGISTICS, AS (K) 147.65 - 0% 51.7 14.4 62 Trade: energy carriers
55 - ALEXELA GROUP, OÜ (K) 106.86 - 0% 294.8 10.1 49 ee Trade: energy carriers
59 - ADMIRAL MARKETS GROUP, AS (K) (1) 103.70 - 0% 34.1 10.9 96 ee Financial services
25 - A. LE COQ, AS 181.29 - 0% 70.4 17.3 70 Manufacturing: consumer goods

(K)   Behind the company name indicates that a consolidated report has been used.

*       The TOP of 2019 is based on annual reports of 2016-2018.

**     TOP 101 reflects company's enterprise value. With the exception of financial services providers- for these companies equity value is reflected.

***    For financial services providers, the columns "Turnover" and "EBITDA" present book value of total assets and equity at the end of 2018, respectively

(1)     For Admiral Markets Group AS the columns "Turnover" and "EBITDA" presents net gain and EBT, respectively.


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