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TOP 101 - 2024
Estonia's most valuable enterprises
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TOP 101 - 2024
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Latvia's TOP 101 Latvia's TOP 101 most valuable enterprises - TOP101

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TOP 2024 TOP 2023 Company name Value 2024 Value 2023 Change Turnover 2023 EBITDA 2023 CorpGov Score   Industry
2 3 LUMINOR BANK, AS (K) 1736.30 1352.26 28% 15492.1 1778.1 91 Financial services
5 10 SEB PANK, AS (K) 1138.25 982.69 16% 8647.8 1179.5 85 Financial services
69 64 HARJU ELEKTER, AS (K) 126.53 133.66 -5% 209.0 12.5 85 ee Manufacturing: industrial goods
90 - PRO KAPITAL GRUPP, AS (K) 91.10 - % 23.0 3.4 85 Real estate operations
25 28 TALLINNA VESI, AS (K) 300.61 308.40 -3% 61.1 25.4 82 ee Utility services
4 2 ENEFIT GREEN, AS (K) 1395.63 1458.10 -4% 230.1 104.9 81 ee Manufacturing: energy carriers
33 15 MULTIMODALHD EESTI, OÜ 218.60 607.24 -64% 386.2 10.0 8 Trade: energy carriers
40 37 CAPFIELD, OÜ (K) 199.60 197.60 1% 20.0 11.7 8 Real estate operations
44 69 MOOTOR GRUPP, AS (K) 188.59 127.79 48% 84.4 24.3 8 ee Transport, transit, logistics
54 - BREAKWATER TECHNOLOGY, OÜ 162.21 - - 26.2 14.5 8 IT and telecommunication services
61 94 ADOLE INVEST, AS (K) 141.56 92.90 52% 345.4 22.1 8 Trade: consumer goods
68 71 RAADIKU ARENDUS, OÜ 132.08 125.67 5% 12.2 10.2 8 Real estate operations
79 86 VIK KINNISVARA, AS (K) 112.75 105.66 7% 13.5 7.1 8 ee Real estate operations
88 81 RAGLOR, OÜ (K) 93.37 109.65 -15% 236.0 10.9 8 ee Trade: consumer goods
97 95 INGROUP HOLDING, OÜ (K) 85.33 91.45 -7% 10.8 6.1 8 Real estate operations
101 - ROTERMANN CITY, OÜ (K) 81.77 - % 7.9 6.7 8 ee Real estate operations
1 1 SWEDBANK, AS (K) 1961.48 1529.02 28% 15390.0 2057.0 79 Financial services
6 5 LHV GROUP, AS (K) 1101.13 1154.60 -5% 7125.6 556.4 79 ee Financial services
9 6 TALLINK GRUPP, AS (K) 1024.82 1106.55 -7% 835.3 125.0 79 ee Transport, transit, logistics
13 13 TKM Grupp, AS (K) 684.07 691.28 -1% 947.3 93.0 77 ee Trade: consumer goods
28 26 MERKO EHITUS, AS (K) 280.07 332.75 -16% 466.0 48.0 76 ee Construction
17 16 TALLINNA SADAM, AS (K) 450.78 520.69 -13% 116.7 49.2 75 ee Transport, transit, logistics
35 31 COOP PANK, AS (K) 217.30 265.32 -18% 1986.2 185.8 75 ee Financial services
66 44 EESTI POST, AS (K) 133.35 179.49 -26% 131.7 10.3 75 ee Transport, transit, logistics
7 12 INFORTAR, AS (K) 1082.84 799.78 35% 1084.6 143.0 74 ee Utility services
72 88 TALLINNA LENNUJAAM, AS (K) 117.68 102.00 15% 57.3 16.3 72 ee Transport, transit, logistics
8 7 RIIGI KINNISVARA, AS 1066.74 1030.25 4% 158.5 69.7 68 ee Real estate operations
3 4 EESTI ENERGIA, AS (K) 1 1622.54 1204.37 35% 1905.5 319.6 61 ee Utility services
38 42 KASPERWIKI LAEVAOMANIKUD, OÜ (K) 209.94 183.18 15% 682.6 26.3 6 ee Trade: energy carriers
41 - TIIGI KESKUS, AS (K) 197.84 - % 303.1 39.6 6 ee Manufacturing: consumer goods
59 58 AQUA MARINA, AS (K) 148.33 141.36 5% 597.2 18.3 6 ee Trade: energy carriers
74 76 AQUAPHOR INTERNATIONAL, OÜ (K) 117.13 115.81 1% 98.2 15.7 6 ee Manufacturing: industrial goods
83 67 ALFONS HAKANS, AS (K) 104.61 129.03 -19% 45.6 13.7 6 Transport, transit, logistics
93 - KEYSTONE SHIPPING, OÜ 86.35 - - 226.5 20.1 6 ee Transport, transit, logistics
18 18 ELERING, AS 449.87 482.89 -7% 244.7 74.8 59 ee Utility services
19 24 BIGBANK, AS (K) 435.19 350.82 24% 2291.1 248.0 59 ee Financial services
23 23 EFTEN REAL ESTATE FUND, AS (K) 342.56 363.34 -6% 31.8 26.2 58 ee Real estate operations
67 43 EESTI LOTO, AS 133.15 179.72 -26% 88.1 15.4 57 ee Consumer services
32 35 EFTEN KINNISVARAFOND II, AS (K) 222.12 203.49 9% 22.6 16.8 53 ee Real estate operations
92 - ERGO INSURANCE, SE 87.41 - - 346.5 92.3 53 Financial services
50 47 GREN EESTI, AS 171.19 176.43 -3% 40.7 16.6 50 Utility services
63 56 IF P&C INSURANCE, AS 139.13 142.16 -2% 382.1 147.9 50 Financial services
11 14 TELIA EESTI, AS 752.71 678.84 11% 384.0 128.7 49 IT and telecommunication services
24 39 ELISA EESTI,, AS 314.29 193.71 62% 225.6 69.0 46 IT and telecommunication services
84 68 SAKU ÕLLETEHASE, AS 100.42 128.23 -22% 72.2 9.1 46 Manufacturing: consumer goods
89 99 ORKLA EESTI, AS 91.12 89.99 1% 96.5 12.2 46 Manufacturing: consumer goods
39 34 GREN TARTU, AS (K) 205.06 209.76 -2% 71.8 19.6 45 Utility services
12 11 UTILITAS, OÜ (K) 738.35 844.73 -13% 219.3 71.9 44 Utility services
22 29 EFTEN REAL ESTATE FUND 4, UÜ 379.89 287.05 32% 25.9 24.7 44 ee Real estate operations
95 - CRAMO ESTONIA, AS 86.01 - % 31.8 10.9 44 Consumer services
27 32 SUMMUS CAPITAL, OÜ (K) 294.60 261.57 13% 39.1 21.7 43 ee Real estate operations
77 59 TELE2 EESTI, AS 114.42 138.68 -17% 84.8 19.8 42 IT and telecommunication services
98 - LIVIKO, AS (K) 84.77 - % 159.7 7.7 42 ee Manufacturing: consumer goods
10 - VIRU KEEMIA GRUPP, AS (K) 2 795.40 - % 336.0 176.2 41 ee Manufacturing: energy carriers
75 52 BITSGAP HOLDING, OÜ (K) 115.74 160.72 -28% 7.8 3.6 4 ee IT and telecommunication services
58 73 RIMI EESTI FOOD, AS 150.03 121.55 23% 471.1 17.3 39 Trade: consumer goods
60 46 GLAMOX, AS 147.86 177.21 -17% 71.2 12.7 35 Manufacturing: industrial goods
99 - WOLF GROUP, OÜ (K) 84.71 - % 140.5 10.4 35 ee Manufacturing: industrial goods
36 45 RAMIRENT BALTIC, AS (K) 214.13 177.91 20% 91.1 28.8 34 Consumer services
53 80 MAXIMA EESTI, OÜ 163.35 109.67 49% 593.3 22.1 33 Trade: consumer goods
16 8 GRAANUL INVEST, AS (K) 478.84 1020.68 -53% 479.9 61.7 31 Manufacturing: energy carriers
49 51 ROCCA AL MARE KAUBANDUSKESKUSE, AS 171.65 168.87 2% 19.3 12.4 31 Real estate operations
51 38 A. LE COQ, AS 170.00 195.21 -13% 105.1 17.9 31 Manufacturing: consumer goods
48 36 KAAMOS HOLDING, OÜ (K) 175.24 203.48 -14% 70.8 11.6 30 ee Real estate operations
87 100 HOTELL VIRU, AS 94.60 89.40 6% 7.6 7.3 3 Real estate operations
70 74 KRISTIINE KESKUS, OÜ 125.77 120.36 4% 15.3 9.3 29 Real estate operations
14 9 RIIGIMETSA MAJANDAMISE KESKUS, SA 633.87 1012.22 -37% 306.4 139.9 28 ee Extraction of natural resources
30 41 ELME MESSER GAAS, AS (K) 235.26 189.24 24% 59.3 22.7 28 ee Manufacturing: energy carriers
78 82 ASTRI, AS (K) 113.35 109.39 4% 13.2 8.2 27 ee Real estate operations
82 - IPF DIGITAL, AS (K) 104.96 - - 141.6 87.6 27 Financial services
20 19 BLRT GRUPP, AS (K) 383.27 482.38 -21% 484.2 47.2 26 ee Manufacturing: industrial goods
55 - CIRCLE K EESTI, AS 157.51 - % 400.7 19.0 26 Trade: energy carriers
52 90 GO GROUP, AS (K) 164.06 99.66 65% 103.8 23.2 25 ee Transport, transit, logistics
56 70 OG ELEKTRA, AS 153.51 126.27 22% 229.5 19.0 25 ee Trade: consumer goods
57 55 EKE, AS (K) 152.41 143.01 7% 21.2 11.1 24 ee Real estate operations
96 - ELKE GRUPI, AS (K) 85.85 - - 230.5 12.6 24 ee Trade: consumer goods
37 40 ÜLEMISTE CENTER, OÜ 213.44 189.99 12% 17.9 16.4 23 Real estate operations
31 20 COMBIWOOD GRUPP, OÜ (K) 228.27 438.81 -48% 178.3 16.9 22 ee Manufacturing: industrial goods
94 84 ICOSAGEN, AS (K) 86.02 107.08 -20% 14.5 4.8 22 ee Manufacturing: consumer goods
100 53 EXMET, OÜ (K) 84.17 158.04 -47% 131.7 -0.2 22 ee Manufacturing: industrial goods
21 22 KAPITEL, AS (K) 382.64 371.57 3% 49.8 28.4 20 ee Real estate operations
29 33 NORTAL GROUP HOLDING, AS (K) 262.02 248.57 5% 211.9 30.1 20 ee IT and telecommunication services
43 79 TOYOTA BALTIC, AS 194.71 110.32 76% 515.7 30.4 20 Trade: consumer goods
47 49 TÜC MAJAD, AS 181.07 174.69 4% 22.0 13.1 20 ee Real estate operations
71 65 HELMES, AS (K) 124.21 130.67 -5% 100.9 13.0 20 ee IT and telecommunication services
80 27 TAVID, AS (K) 108.06 312.72 -65% 541.2 11.9 20 ee Trade: other
45 30 LEMEKS, AS (K) 185.42 274.34 -32% 187.7 31.2 19 ee Manufacturing: industrial goods
65 78 ESTIKO GRUPP, AS (K) 136.03 105.82 29% 52.7 11.7 19 ee Real estate operations
15 17 BALTIC MARITIME LOGISTICS GROUP, AS (K) 570.21 516.74 10% 349.3 100.4 18 ee Transport, transit, logistics
34 25 SYNLAB EESTI, OÜ 218.42 342.04 -36% 38.7 12.1 18 Consumer services
62 72 KAWE, AS (K) 140.44 122.65 15% 29.2 11.9 18 Real estate operations
73 63 PERFORCE SOFTWARE, AS 117.16 134.69 -13% 19.1 7.3 18 IT and telecommunication services
86 66 METAPRINT, AS 98.36 129.84 -24% 97.5 8.4 18 ee Manufacturing: industrial goods
26 21 ERICSSON EESTI, AS 296.48 406.55 -27% 420.7 26.8 16 Manufacturing: industrial goods
64 - VEHO BALTICS, OÜ 136.40 - - 528.6 22.9 16 Trade: consumer goods
46 - SPORTLAND INTERNATIONAL GROUP, AS (K) 182.40 - % 164.8 19.7 12 Trade: consumer goods
81 77 TOGGL, OÜ (K) 107.06 113.44 -6% 16.7 7.3 12 ee IT and telecommunication services
42 - SKINEST GRUPP, AS (K) 197.17 - % 148.4 37.6 10 ee Trade: industrial goods
76 75 ESRAVEN, AS (K) 115.23 118.92 -3% 28.3 11.7 10 ee Real estate operations
85 96 KAARSILLA KINNISVARA, OÜ 99.86 90.99 10% 11.9 7.9 10 ee Real estate operations
91 - MOONRIDER, OÜ (K) 87.68 - - 17.7 9.8 10 ee Transport, transit, logistics

The value of companies listed in TOP 101 2024 is based on company’s 2021-2023 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, 2024

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 2023" presents book value of total assets as at the end of 2023

*** For banks, other credit institutions and insurance companies, the column "EBITDA 2023" presents book value of shareholders' equity as at the end of 2023

1 The value of Enefit Green is not included in the value of Eesti Energia

2 The value of VIRU KEEMIA GRUPP, AS reflects the combined values of Viru Keemia Grupp and Kirde Investeeringud, treating them as a single entity.

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