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