Top 101 - 2006

Ranking 2006 Company Name Enterprise value, Million LVL Adjusted EBITDA margin Industry
1 "Latvenergo" VAS 456,66 29,33% Energy
2 "LMT" AS 315,09 50,11% Telecommunication services
3 "Latvijas Valsts Meži" VAS 297,62 41,09% Forestry and timber processing
4 "Latvijas Gāze" AS 270,84 23,49% Energy
5 "Tele2 Holdings" SIA 230,77 51,13% Telecommunication services
6 "Lattelecom" AS 212,17 34,96% Telecommunication services
7 "Ventspils Nafta" AS 204,92 36,92% Transportation, transit, logistics
8 "Latvijas Kuģniecība" AS 177,92 30,78% Transportation, transit, logistics
9 "Ventbunkers" AS 168,28 30,58% Oil and oil products
10 "Latvijas Dzelzceļs" VAS 147,02 15,61% Transportation, transit, logistics
11 "RIMI Latvia" SIA 125,37 - Retail
12 "Latvijas Finieris" AS 105,57 13,18% Forestry and timber processing
13 "KNAUF" SIA 102,60 28,21% Manufacturing
14 "Grindeks" AS 86,17 19,98% Medicine and pharmacy
15 "ELKO GRUPA" AS 83,96 2,68% IT
16 "VP Group Latvia" SIA, (MAXIMA) 75,97 4,33% Retail
17 "Air Baltic" AS 68,18 - Transportation, transit, logistics
18 "Alfor" SIA, (arcade halls Fēnikss) 55,55 - Gambling
19 "Stora Enso Timber" SIA 48,78 17,98% Forestry and timber processing
20 "Liepājas Metalurgs" AS 48,64 5,98% Manufacturing
21 "RI-OS" AS, (Viesnīca Latvija) 45,99 45,30% Tourism and Hotels
22 "Latvija Statoil" SIA 45,49 4,98% Oil and oil products
23 "Vika Wood" SIA 45,48 17,25% Forestry and timber processing
24 "Drogas" AS 41,72 11,32% Retail
25 "Valmieras Stikla Šķiedra" AS 41,67 14,34% Manufacturing
26 "Rīgas Piena Kombināts" AS 40,79 - Food
27 "UPB" AS, (Ulda Pīlēna Birojs) 40,30 13,41% Construction services and materials
28 "Aldaris" AS 39,39 28,52% Tobacco and alcohol
29 "LS Sentor Farm" Komandītsabiedrība 39,15 6,89% Medicine and pharmacy
30 "A.C.B." SIA, (Ceļu būves firma ACB) 39,15 14,19% Construction services and materials
31 "Latvijas Pasts" VAS 37,40 - Transportation, transit, logistics
32 "Wess" AS 36,52 8,53% Automotive retail
33 "Rīgas Satiksme" SIA 35,53 28,25% Transportation, transit, logistics
34 "Lauma" AS 35,01 17,72% Manufacturing
35 "PolarBekDaugava" SIA, (Radisson SAS) 32,77 42,28% Tourism and Hotels
36 "Nelss" SIA 32,61 5,53% Construction services and materials
37 "Latvijas Energoceltnieks" SIA, (LEC) 27,47 8,19% Construction services and materials
38 "HOLDINGA KOMPĀNIJA FELIX" SIA 27,40 20,54% Manufacturing
39 "Tamro" SIA 26,62 3,73% Medicine and pharmacy
40 Starptautiskā lidosta "Rīga" VAS 25,21 34,31% Transportation, transit, logistics
41 "Neste Latvija" SIA 24,90 2,41% Oil and oil products
42 "SAF TEHNIKA" AS, (SAF) 24,85 25,72% Manufacturing
43 "Volvo Truck Latvia" SIA 24,78 3,53% Automotive retail
44 "BMGS" AS 24,28 9,90% Construction services and materials
45 "STREK" SIA 24,19 55,46% Transportation, transit, logistics
46 "BALTIC CONTAINER TERMINAL" SIA 23,42 52,05% Transportation, transit, logistics
47 "Domenikss" SIA 23,38 5,70% Automotive retail
48 "Itera Latvija" SIA 22,21 11,18% Energy
49 "Metsaliitto Latvia" SIA, (Metsäliitto) 21,79 6,32% Forestry and timber processing
50 "Lukoil Baltija R" SIA 21,57 3,15% Oil and oil products
51 "SIS Biznesa Serviss" SIA 21,46 25,98% Retail
52 "Gaujas Koks" SIA 21,45 19,27% Forestry and timber processing
53 "Rautakesko" AS, (K-Rauta) 21,41 - Retail
54 "Cēsu Alus" AS 21,01 - Tobacco and alcohol
55 "VK Tranzīts" SIA 20,88 23,30% Transportation, transit, logistics
56 "Rīgas Siltums" VAS 20,49 12,39% Energy
57 "Latvijas Gaisa Satiksme" VAS 20,18 31,77% Transportation, transit, logistics
58 "Severstaļlat" AS 20,12 4,13% Manufacturing
59 "Rīgas Piensaimnieks" AS 20,11 - Food
60 "Tolmets" SIA 19,41 3,92% Retail
61 "Recipe Plus" SIA 19,24 3,98% Medicine and pharmacy
62 "Pata AB" SIA 18,79 5,37% Forestry and timber processing
63 "Latvijas Balzams" AS 18,11 - Tobacco and alcohol
64 "RD Elektroniks" SIA 18,11 6,95% Retail
65 "Dambis" AS 17,88 17,08% Manufacturing
66 "Ventamonjaks" AS 17,61 19,96% Transportation, transit, logistics
67 "PROCTER & GAMBLE MARKETING LATVIA, LTD." SIA 17,53 14,59% Retail
68 "Furors" SIA, (arcade halls Klondaika) 17,04 35,95% Gambling
69 "Lindeks" AS 16,99 - Forestry and timber processing
70 "Dzintars" AS 16,59 19,22% Manufacturing
71 "Rhodia Industrial Yarns" SIA 16,45 43,86% Manufacturing
72 "Cido Pārtikas grupa" SIA 16,02 7,56% Food
73 "Lode" AS 15,94 21,57% Manufacturing
74 "Robert Bosch" SIA 15,08 4,63% Retail
75 "Post-Nevada" SIA 14,95 35,82% Gambling
76 "Admirāļu klubs" AS 14,34 36,09% Gambling
77 "AVON COSMETICS" SIA 14,25 26,39% Retail
78 "Mažeiķu nafta tirdzniecības nams" SIA 14,20 0,84% Oil and oil products
79 "United Panel Group Europe" SIA 13,27 6,28% Forestry and timber processing
80 "KUREKSS" SIA 12,71 9,52% Forestry and timber processing
81 "L'Oreal Baltic" SIA 12,48 6,86% Retail
82 "INTRAC Latvija" SIA 12,15 9,72% Forestry and timber processing
83 "Bolderāja" AS 11,72 15,98% Forestry and timber processing
84 "Nelda" SIA 11,51 5,22% Retail
85 "BSW Latvia" SIA 11,44 12,49% Forestry and timber processing
86 "Olainfarm" AS 11,31 19,46% Medicine and pharmacy
87 "Saldus mežrūpniecība" AS 11,18 16,79% Forestry and timber processing
88 "Žurnāls Santa" SIA 11,09 22,45% Media and publishing
89 "Kemira GrowHow" SIA 10,95 5,14% Retail
90 "VEXOil Bunkering" SIA 10,88 5,61% Oil and oil products
91 "KESKO AGRO LATVIJA" SIA 10,78 2,29% Retail
92 "Kurzemes Degviela" AS 10,73 1,23% Oil and oil products
93 "AGA" SIA 10,66 27,27% Food
94 "Stora Enso Packaging" SIA 10,54 8,53% Manufacturing
95 "BIKO-LAT" SIA 10,15 8,05% Forestry and timber processing
96 "Jysk Linnen'n Furniture" SIA 9,66 8,09% Retail
97 "Greis" SIA  9,35 3,52% Tobacco and alcohol
98 "Biznesa Augstskola Turība" SIA 9,33 32,89% Education
99 "Merks" SIA 9,06 6,64% Construction services and materials
100 "Rīgas kuģu būvētava" AS 9,04 6,32% Transportation, transit, logistics
101 "Lido" SIA 9,03 10,03% Food

 TOP 101 Assumptions and Explanations

  1. The following industry was excluded from TOP 101
    Real estate (companies that operate in real estate development or are involved in speculative real estate transactions). Most of the companies within this industry do not have stable cash flows as well as their value is derived from the value of real estate. For the companies present within this industry at the moment experience dificulties which are correlated with the with the overall pesimism in Latvia's real estate market. Thus, it is extremely hard to predict this business for the next five years. Moreover, due to the current economic situation the valuation could deviate from the intrinsic value.
  2. Holding companies were valued only if consolidated financial statements were available.
  3. If financial statements were not available for the financial year 2006, then financial statements for 2005 were used.
  4. In cases where the financial data of a company were limited, by consulting experts it was assessed whether or not a company would be in the TOP 101. (In this case enterprise value was derived by using the comparable company multiple method.)
  5. If there were suspicions that a company is a part of a financial schemes, the company was excluded form the TOP 101.
  6. Specific risk of a company was not taken into account, since only publicly disclosed information was used. The information required to evaluate specific risk often is not publicly disclosed by companies.
  7. Companies that, according to our opinion, were of particularly high risk profile were excluded from the TOP 101