TOP 101 - 2020
Estonia's most valuable enterprises
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TOP 2020 TOP 2019 Company name Value 2020 Value 2019 Change Turnover 2019 EBITDA 2019 CorpGov Score   Industry
76 35 LENNULIIKLUSTEENINDUSE, AS 80.05 146.38 -45% 28.2 9.4 57 ee Transport, transit, logistics
2 1 TALLINK GRUPP, AS (K) 1194.34 1743.06 -31% 949.1 156.0 71 ee Transport, transit, logistics
40 23 CIRCLE K EESTI, AS 2 129.65 187.94 -31% 300.1 20.0 41 Trade: energy carriers
49 30 TALLINNA LENNUJAAM, AS (K) 118.51 172.44 -31% 47.1 16.3 67 ee Transport, transit, logistics
85 55 ALEXELA GROUP, OÜ (K), 2 73.91 106.86 -31% 336.9 11.6 36 ee Trade: energy carriers
3 2 SWEDBANK, AS (K) 935.24 1283.86 -27% 11721.0 1757.0 93 Financial services
11 4 SEB PANK, AS (K) 554.02 756.98 -27% 6863.7 1069.6 78 Financial services
46 32 IF P&C INSURANCE, AS 120.64 165.88 -27% 380.5 181.0 42 Financial services
87 65 HORIZON TSELLULOOSI JA PABERI, AS (K) 69.52 94.97 -27% 45.9 10.9 45 Manufacturing: industrial goods
90 76 BIGBANK, AS (K) 67.91 88.12 -23% 574.2 141.1 42 ee Financial services
71 57 PKC EESTI, AS 85.20 104.49 -18% 231.0 16.6 41 Manufacturing: industrial goods
18 16 ELERING, AS 265.80 320.08 -17% 142.1 66.6 56 ee Utility services
52 38 KAAMOS HOLDING, OÜ 114.69 136.67 -16% 77.7 17.3 34 ee Manufacturing: industrial goods
32 24 FORTUM TARTU, AS (K) 155.15 181.97 -15% 33.0 22.6 61 Utility services
34 28 GLAMOX, AS 151.13 176.40 -14% 53.5 15.7 54 Manufacturing: industrial goods
92 88 AMBIENT SOUND INVESTMENTS, OÜ (K) 66.61 77.33 -14% 143.8 105.1 25 ee Financial services
98 98 HARJU ELEKTER, AS (K) 60.19 69.32 -13% 143.4 5.8 82 ee Manufacturing: industrial goods
53 41 MAXIMA EESTI, OÜ 113.62 129.34 -12% 486.3 5.4 23 Trade: consumer goods
57 46 STORA ENSO EESTI, AS 105.58 120.03 -12% 189.7 7.4 22 Manufacturing: industrial goods
29 25 A. LE COQ, AS 162.00 181.29 -11% 71.3 17.9 33 Manufacturing: consumer goods
79 78 HKSCAN ESTONIA, AS 77.23 87.10 -11% 160.2 7.9 59 Manufacturing: consumer goods
73 67 MAINOR, AS (K), 2 84.20 93.77 -10% 21.2 5.9 34 ee Real estate operations
9 5 TALLINNA SADAM, AS (K) 599.10 656.04 -9% 130.5 74.1 83 ee Transport, transit, logistics
39 33 ALEXELA LOGISTICS, AS (K), 2 134.61 147.65 -9% 55.9 17.1 19 Trade: energy carriers
70 63 HOTELL VIRU, AS 2 87.66 95.88 -9% 6.6 6.0 18 Real estate operations
72 68 FORTUM EESTI, AS 84.92 93.30 -9% 19.1 12.2 60 Utility services
56 50 LHV GROUP, AS (K) 106.93 115.95 -8% 3031.9 206.0 79 ee Financial services
26 22 TALLINNA VESI, AS (K) 182.19 196.48 -7% 63.4 32.9 77 ee Utility services
93 94 CRAMO ESTONIA, AS 66.51 71.58 -7% 22.5 7.9 39 Trade: industrial goods
16 17 BLRT GRUPP, AS (K) 290.92 309.35 -6% 410.4 28.1 22 ee Manufacturing: industrial goods
21 19 NORDMET, AS (K) 228.41 242.32 -6% 248.0 29.2 20 ee Trade: industrial goods
74 75 METAPRINT, AS 84.20 88.88 -5% 61.5 11.2 27 ee Manufacturing: industrial goods
47 44 ESTONIAN CELL, AS 120.43 124.08 -3% 80.3 10.5 44 Manufacturing: industrial goods
60 59 ADMIRAL MARKETS GROUP, AS (K), 4 100.35 103.70 -3% 34.8 5.6 58 ee Financial services
91 96 OPERAIL, AS (K) 67.53 69.67 -3% 71.5 15.4 31 ee Transport, transit, logistics
12 10 GRAANUL INVEST, AS (K) 463.37 470.77 -2% 401.7 91.7 47 ee Manufacturing: energy carriers
8 6 TELIA EESTI, AS 606.34 614.47 -1% 313.0 94.8 60 IT and telecommunication services
13 - KAPITEL, AS (K), 2, 3 421.63 - - 46.9 28.9 24 ee Real estate operations
15 15 UTILITAS, OÜ (K) 334.83 333.69 0% 131.5 49.8 46 Utility services
27 - MERKO EHITUS, AS (K), 3 173.95 - - 326.8 19.5 78 ee Construction
45 - KRISTIINE KESKUS, OÜ 2 122.30 - - 11.5 8.3 23 Real estate operations
50 47 SILLAMÄE SADAM, AS 118.23 117.75 0% 27.7 18.2 21 ee Transport, transit, logistics
67 - SPACECOM, AS (K) 92.30 - - 17.8 14.5 22 Other commercial services
75 - CLEVERON, AS 81.01 - - 66.0 17.3 26 ee Manufacturing: industrial goods
78 - SWEDBANK INVESTEERIMISFONDID, AS 4 77.77 - - 17.3 5.9 43 Financial services
80 - ABB, AS 77.16 - - 158.2 9.0 58 Manufacturing: industrial goods
81 - ROTERMANN CITY, OÜ (K), 2 75.71 - - 5.6 4.1 18 ee Real estate operations
83 - RAGLOR, OÜ (K) 74.89 - - 158.5 10.8 9 ee Manufacturing: consumer goods
84 - SYNLAB EESTI, OÜ 74.74 - - 27.0 8.1 35 Consumer services
86 - KINNISVARAVALDUSE, AS 2 73.00 - - 13.7 5.0 28 Real estate operations
88 - FUND EHITUS, OÜ 69.38 - - 68.3 9.5 20 ee Construction
89 - KAARSILLA KINNISVARA, OÜ 2 68.86 - - 7.4 5.1 28 ee Real estate operations
94 - NORTAL GROUP HOLDING, AS (K) 64.99 - - 85.4 9.6 29 ee IT and telecommunication services
95 - SOLARIS KESKUS, AS 2 64.70 - - 8.5 4.6 22 Real estate operations
96 - FAUSTO CAPITAL, OÜ 2 62.85 - - 7.3 4.5 18 ee Real estate operations
97 - KESKO SENUKAI ESTONIA, AS 61.13 - - 113.2 8.4 25 Trade: industrial goods
99 - ALEXELA VARAHALDUSE, AS (K), 2 59.29 - - 228.4 7.5 36 ee Trade: energy carriers
100 - VELVARA, OÜ (K), 2 58.79 - - 11.2 6.5 9 ee Real estate operations
101 - KRIMELTE, OÜ (K) 58.69 - - 100.5 8.9 24 ee Manufacturing: industrial goods
44 45 RIMI EESTI FOOD, AS 124.44 123.76 1% 390.5 11.3 28 Trade: consumer goods
61 62 ALFONS HAKANS, AS (K) 99.98 97.26 3% 42.0 15.8 28 Transport, transit, logistics
63 70 EESTI LOTO, AS 95.35 90.93 5% 60.8 10.4 62 ee Consumer services
22 21 ELISA EESTI, AS 224.63 211.99 6% 117.5 35.5 69 IT and telecommunication services
38 40 ELISA TELETEENUSED, AS 137.81 130.37 6% 50.0 21.6 69 IT and telecommunication services
65 77 MAAG GRUPP, AS (K) 92.75 87.46 6% 229.9 11.2 27 ee Manufacturing: consumer goods
82 95 VALIO EESTI, AS 75.58 71.50 6% 125.5 9.2 34 Manufacturing: consumer goods
42 49 SILVANO FASHION GROUP, AS (K) 124.98 116.68 7% 56.9 14.3 62 ee Manufacturing: consumer goods
62 71 ESRAVEN, AS (K), 2 97.01 90.49 7% 20.7 8.2 18 ee Real estate operations
64 79 OG ELEKTRA, AS 93.61 86.95 8% 157.2 10.0 25 ee Trade: consumer goods
69 82 SAKU ÕLLETEHASE, AS 89.83 83.51 8% 65.9 10.4 48 Manufacturing: consumer goods
6 7 NG INVESTEERINGUD, OÜ (K) 661.29 608.99 9% 872.7 53.4 51 ee Trade: consumer goods
41 51 RAADIKU ARENDUS, OÜ 2 126.25 115.16 10% 10.1 8.9 8 Real estate operations
77 92 EUROBIO LAB, OÜ 79.35 72.46 10% 24.1 6.2 30 Manufacturing: consumer goods
24 31 ROCCA AL MARE KAUBANDUSKESKUSE, AS 2 190.72 171.18 11% 17.4 12.7 23 Real estate operations
17 18 BALTIC MARITIME LOGISTICS GROUP, AS (K) 273.86 243.96 12% 185.2 31.2 18 ee Transport, transit, logistics
43 54 VISIONAL INVEST, OÜ (K) 124.64 109.92 13% 133.3 14.4 8 ee Manufacturing: industrial goods
66 85 ORKLA EESTI, AS 92.71 81.77 13% 84.1 11.5 56 Manufacturing: consumer goods
28 36 RAMIRENT BALTIC, AS (K) 163.13 143.69 14% 61.1 21.2 57 Trade: industrial goods
48 56 TELE2 EESTI, AS 120.42 105.43 14% 77.0 20.4 64 IT and telecommunication services
23 27 EFTEN KINNISVARAFOND, AS (K),2 204.46 178.50 15% 15.8 13.0 49 ee Real estate operations
51 60 ESTIKO GRUPP, AS (K), 2 117.84 102.37 15% 40.9 9.4 27 ee Real estate operations
68 86 VIRU VÄLJAKU ARENDUSE, AS 2 91.46 79.24 15% 6.8 6.4 13 Real estate operations
36 43 KAWE, AS (K), 2 145.03 125.53 16% 13.7 9.9 23 Real estate operations
37 48 ÜLEMISTE CENTER, OÜ (K), 2 142.92 117.15 22% 12.5 10.7 24 Real estate operations
31 42 TECHNOPOLIS ÜLEMISTE, AS 2 156.62 126.02 24% 17.6 11.0 34 ee Real estate operations
54 73 ASTRI, AS (K), 2 111.54 89.37 25% 12.0 8.0 18 ee Real estate operations
58 83 LTH-BAAS, AS (K) 105.13 83.25 26% 95.4 19.6 18 ee Manufacturing: industrial goods
1 3 EESTI ENERGIA, AS (K) 1614.48 1261.15 28% 956.4 252.5 65 ee Utility services
55 81 UPM-KYMMENE OTEPÄÄ, OÜ 109.55 84.15 30% 50.8 13.0 58 Manufacturing: industrial goods
59 87 EFTEN REAL ESTATE FUND III, AS (K), 2 101.57 78.23 30% 9.5 7.0 44 ee Real estate operations
7 11 RIIGIMETSA MAJANDAMISE KESKUS, SA 624.16 458.39 36% 218.7 82.0 45 ee Extraction of natural resources
10 12 VIRU KEEMIA GRUPP, AS (K) 597.12 434.85 37% 256.8 116.5 61 ee Manufacturing: energy carriers
33 53 EKE, AS (K), 2 153.16 110.59 38% 24.8 11.9 27 ee Real estate operations
19 26 EFTEN KINNISVARAFOND II, AS (K), 2, 3 254.24 179.54 42% 30.2 18.6 44 ee Real estate operations
25 39 DBT, AS (K) 186.14 130.86 42% 65.4 29.3 14 Transport, transit, logistics
14 20 ERICSSON EESTI, AS 335.98 227.95 47% 606.9 24.3 60 Manufacturing: industrial goods
20 29 INFORTAR, AS (K) 254.11 172.58 47% 187.4 25.8 42 ee Utility services
30 58 AQUA MARINA, AS (K), 2 159.20 103.93 53% 16.0 14.4 18 ee Real estate operations
35 64 SUMMUS CAPITAL, OÜ (K), 2 146.45 95.38 54% 15.5 10.8 18 ee Real estate operations
5 8 RIIGI KINNISVARA, AS (K), 2 800.60 504.22 59% 136.2 59.9 74 ee Real estate operations
4 14 LUMINOR BANK, AS (K), 1 812.37 346.30 135% 13738.7 1632.3 58 Financial services

(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 colum presents equity value

** For banks, other credit institutions and insurance companies, the column "Turnover 2019" presents book value of total assets as at the end of 2019

*** For banks, other credit institutions and insurance companies, the column "EBITDA 2019" presents book value of shareholders' equity as at the end of 2019

1 The change in value is due to the inclusion of Latvian and Lithuanian business units in the consolidated financial statements of Luminor Estonia

2 The change in value is due to updated methodology

3 Last year Kapitel AS and Merko Ehitus AS were included in the consolidated annual report of Riverito AS. The consolidated report has not been submitted in 2019 due to intra-group restructuring

4 For Admiral Markets Group AS and Swedbank Investeerimisfondid AS the columns "Turnover" presents net gain and comission income 2019, "EBITDA" presents EBT 2019


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