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

(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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