Top 101 - 2007

Ranking 2007 Company Name Enterprise value, 2007 Million LVL Enterprise value, 2006 Million LVL Changes in value Industry
Ranking Company name Enterprise value on 01.01.2007, Million LVL Enterprise value on 01.01 .2006, Million LVL Changes in value Industry
1 AS "HANSABANKA" 1142,91  New   New  Banks and financial services
2 AS "PAREX BANKA" 731,17  New   New  Banks and financial services
3 AS "SEB LATVIJAS UNIBANKA" 656,19  New   New  Banks and financial services
4 SIA "LATVIJAS MOBILAIS TELEFONS" 630,64 315,09 100% Telecommunication services
5 AS "LATVENERGO" 579,17 456,66 27% Energy
6 VAS "LATVIJAS VALSTS MEŽI" 469,76 297,62 58% Forestry and timber processing
7 SIA "TELE2" 370,19 230,77 60% Telecommunication services
8 AS "RIETUMU BANKA" 344,03  New  New Banks and financial services
9 AS "LATVIJAS GĀZE" 329,95 270,84 22% Energy
10 SIA "LATTELECOM" 302,19 212,17 42% Telecommunication services
11 AS "DnB NORD BANKA" 250,36  New  New Banks and financial services
12 AS "VENTSPILS NAFTA" 248,64 204,92 21% Transportation, Transit, Logistics
13 AS "AIZKRAUKLES BANKA" 243,95  New  New Banks and financial services
14 AS "LATVIJAS KUĢNIECĪBA" 222,83 177,92 25% Transportation, Transit, Logistics
15 SIA "ALFOR" 195,76 55,55 252% Gambling
16 VAS "LATVIJAS HIPOTĒKU UN ZEMES BANKA" 191,02  New  New Banks and financial services
17 VAS "LATVIJAS DZELZCEĻŠ" 167,93 147,02 14% Transportation, Transit, Logistics
18 AS "UNICREDIT BANK" 161,72  New  New Banks and financial services
19 AS "ELKO GRUPA" 138,15 83,96 65% Information and Technology
20 AS "LIEPĀJAS METALURGS" 124,81 48,64 157% Manufacturing
21 SIA "KNAUF" 120,76 102,60 18% Construction services and materials 
22 AS "LATVIJAS FINIERIS" 115,31 105,57 9% Forestry and timber processing
23 AS "NORVIK BANKA" 111,21  New  New Banks and financial services
24 AS "GRINDEKS" 107,16 86,17 24% Pharmacy
25 AS "BALTIC TRUST BANK" 104,63  New  New Banks and financial services
26 SIA "VP GROUP LATVIA" 104,11 75,97 37% Retail
27 RP SIA "RĪGAS SATIKSME" 99,24 35,53 179% Transportation, Transit, Logistics
28 SIA "RIMI LATVIA"* 97,38 125,37 -22% Retail
29 AS "UPB" 93,71 40,30 133% Construction services and materials 
30 AS "LATVIJAS KRĀJBANKA" 83,57  New  New Banks and financial services
31 AS "A.C.B." 74,82 39,15 91% Construction services and materials 
32 AS "AIR BALTIC CORPORATION" 73,00 68,18 7% Transportation, Transit, Logistics
33 AS "LATVIJAS TIRDZNIECĪBAS BANKA" 71,35  New  New Banks and financial services
34 AS "VENTBUNKERS" 66,16 168,28 -61% Transportation, Transit, Logistics
35 AS "ALDARIS" 64,68 39,39 64% Alcoholic beverages
36 SIA "LATVIJA STATOIL" 63,38 45,49 39% Fuel trade
37 AS "GE MONEY" 63,12  New  New Banks and financial services
38 AS "TRASTA KOMERCBANKA" 59,40  New  New Banks and financial services
39 AS "LATVIJAS BIZNESA BANKA" 58,12  New  New Banks and financial services
40 SIA "NESTE LATVIJA" 55,84 24,90 124% Fuel trade
41 SIA "ARIS BALTIJA" 50,18  New  New Fuel trade
42 AS "SENTOR FARM APTIEKAS" 47,68  New  New Pharmacy
43 SIA "ITERA LATVIJA" 47,48 22,21 114% Energy
44 SIA "OLYMPIC CASINO LATVIA" 47,17  New  New Gambling
45 SIA "VIKA WOOD" 45,13 45,48 -1% Forestry and timber processing
46 AS "RECIPE PLUS" 44,11 19,24 129% Pharmacy
47 SIA "STREK" 44,10 24,19 82% Transportation, Transit, Logistics
48 AS "DROGAS" 43,89 41,72 5% Retail
49 CEĻU BŪVES FIRMA SIA "BINDERS" 43,60  New  New Construction services and materials 
50 SIA "NELSS" 43,47 32,61 33% Construction services and materials 
51 SIA "MIKROTĪKLS" 42,88  New  New Information and Technology
52 AS "LATVIJAS BALZAMS" 42,62 18,11 135% Alcoholic beverages
53 SIA "BALTIC CONTAINER TERMINAL" 42,36  New  New Transportation, Transit, Logistics
54 SIA "VK TRANZĪTS" 41,78 20,88 100% Transportation, Transit, Logistics
55 AS "RĪGAS SILTUMS" 40,89 20,49 100% Utility services
56 SIA "INSERVISS GROUP" 40,53  New  New Banks and financial services
57 SIA "GAUJAS KOKS" 39,01 21,45 82% Forestry and timber processing
58 SIA "FURORS" 38,98 17,04 129% Gambling
59 SIA "STOCKMANN" 37,05  New  New Retail
60 AS "RI-OS" 35,72 45,99 -22% Tourism and hotels
61 SIA "SIS BIZNESA SERVISS" 35,35 21,46 65% Retail
62 SIA "DOMENIKSS" 35,15 23,38 50% Automotive retail
63 VAS "STARPTAUTISKĀ LIDOSTA "RĪGA"" 34,68 25,21 38% Transportation, Transit, Logistics
64 AS "RĪGAS PIENA KOMBINĀTS"* 34,20 40,79 -16% Food production
65 AS "ADMIRĀĻU KLUBS" 33,85 14,34 136% Gambling
66 AS "SEVERSTAĻLAT" 33,80 20,12 68% Manufacturing
67 SIA "PERI"  33,43  New  New Construction services and materials 
68 SIA "POST-NEVADA" 33,00 14,95 121% Gambling
69 AS "BALTIC INTERNATIONAL BANK" 32,35  New  New Banks and financial services
70 SIA "RĪGAS ŪDENS" 32,15  New  New Utility services
71 AS "WESS" 31,67 36,52 -13% Automotive retail
72 SIA "RETTENMEIER BALTIC TIMBER" 31,38  New  New Forestry and timber processing
73 AS "VALMIERAS STIKLA ŠĶIEDRA" 31,12 41,67 -25% Manufacturing
74 AKCIJU KOMERCBANKA "BALTIKUMS" 31,01  New  New Banks and financial services
75 SIA "TAMRO" 30,66 26,62 15% Pharmacy
76 AS "SAMPO BANKA" 29,79  New  New Banks and financial services
77 SIA "JOKER LTD" 29,78  New  New Gambling
78 AS "STORA ENSO TIMBER" 29,60 48,78 -39% Forestry and timber processing
79 SIA "POLAR BEK DAUGAVA" 29,00 32,77 -11% Tourism and hotels
80 SIA "TILTS" 28,48  New  New Construction services and materials 
81 AS "REĢIONĀLĀ INVESTĪCIJU BANKA" 27,96  New  New Banks and financial services
82 SIA "SKONTO BŪVE" 27,89  New  New Construction services and materials 
83 SIA "LATVIJAS ENERGOCELTNIEKS" 26,79 27,47 -2% Construction services and materials 
84 AS "BMGS" 26,71 24,28 10% Construction services and materials 
85 SIA "CIDO GRUPA" 26,60 16,02 66% Food production
86 AS "8 CBR" 26,19  New  New Construction services and materials 
87 AS "MULTIBANKA" 25,51  New  New Banks and financial services
88 SIA "L'OREAL BALTIC" 24,39 12,48 95% Retail
89 SIA "RĪGAS PIENSAIMNIEKS" 24,11 20,11 20% Food production
90 SIA "INTRAC LATVIJA" 24,05 12,15 98% Forestry and timber processing
91 SIA "TV 3 LATVIA" 23,96  New  New Media
92 AS "KOLONNA" 23,74  New  New Retail
93 AS "PRIVATBANK" 23,67  New  New Banks and financial services
94 SIA "RAMITEH" 23,64  New  New Construction services and materials 
95 AS "OLAINFARM" 23,27 11,31 106% Pharmacy
96 AS "STABURADZE" 22,91  New  New Food production
97 SIA "RD ELEKTRONIKS" 22,86 18,11 26% Retail
98 VAS "CEĻU SATIKSMES DROŠĪBAS DIREKCIJA" 22,57  New  New Government services
99 SIA "JYSK LINNEN'N FURNITURE" 22,36 9,66 132% Retail
100 AS "CEĻU PĀRVALDE" 22,32  New  New Construction services and materials 
101 SIA "OGRES JUMIS" 22,11 New New Construction services and materials 

 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