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

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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