Baltic TOP - 2021
Baltic's most valuable enterprises
Discover your company’s value

TOP 2021 Company name Value 2021 Turnover 2020 EBITDA 2020 CorpGov Score Country Industry
16 ACHEMOS GRUPĖ, UAB 980.62 865.5 163.8 29 LT Manufacturing: industrial products
30 CIRCLE K GROUP 12 569.53 1174.1 68.9 24 LV LT EE Trade: energy carriers
29 TEVA BALTICS, UAB 580.01 142.8 55.9 7 LT Manufacturing: consumer goods
28 UTILITAS, OÜ 597.37 124.8 54.2 31 EE Utility services
27 GREN GROUP 11 608.22 103.2 49.8 26 LV LT EE Utility services
26 VG HOLDING, UAB 632.83 632.5 84.5 10 LT Manufacturing: consumer goods
25 TALLINNA KAUBAMAJA GRUPP, AS 661.49 741.9 63.4 83 EE Trade: consumer goods
24 TALLINNA SADAM, AS 10 705.92 107.4 57.7 68 EE Transportation, transit, logistics
23 LHV GROUP, AS 707.36 4971.4 236.8 72 EE Financial services
22 RIIGIMETSA MAJANDAMISE KESKUS, SA 9 735.02 187.5 46.7 60 EE Extraction of natural resources
21 BITĖ LIETUVA, UAB 759.30 421.0 128.6 6 LT IT and telecommunication services
20 RIMI GROUP 8 791.96 1689.2 80.2 33 LV LT EE Trade: consumer goods
19 EPSO-G, UAB 828.79 272.2 73.9 90 LT Utility services
18 RIIGI KINNISVARA, AS 7 922.39 130.1 62.2 59 EE Real estate operations
17 TELE 2 GROUP 6 953.58 485.1 168.1 26 LV LT EE IT and telecommunication services
1 VILNIAUS PREKYBA, UAB 4698.20 5268.0 514.8 44 LT Trade: consumer goods
15 TALLINK GRUPP, AS 1200.84 442.9 -8.3 82 EE Transportation, transit, logistics
14 MIKROTĪKLS, SIA 1241.27 358.9 84.2 8 LV Manufacturing: industrial products
13 GRAANUL INVEST, AS 1293.60 443.8 116.5 39 EE Manufacturing: energy carriers
12 LIETUVOS GELEŽINKELIAI, AB 5 1438.53 468.2 157.6 90 LT Transportation, transit, logistics
11 LATVIJAS VALSTS MEŽI, AS 4 1460.07 349.8 120.2 60 LV Extraction of natural resources
10 ME INVESTICIJA, UAB 1704.08 1170.4 224.7 8 LT Transportation, transit, logistics
9 LUMINOR BANK, AS 1707.32 14924.1 1665.2 54 EE Financial services
8 TELIA GROUP 3 1981.01 742.9 228.5 77 LT EE IT and telecommunication services
7 LATVENERGO, AS 2062.15 773.4 279.0 90 LV Utility services
6 EESTI ENERGIA, AS 2092.57 833.7 192.2 58 EE Utility services
5 IGNITIS GRUPĖ, AB 2236.46 1223.1 286.7 100 LT Utility services
4 SEB BANK GROUP 2 2520.91 21991.0 2355.1 76 LV LT EE Financial services
3 SWEDBANK GROUP 1 3880.25 36602.2 3628.2 76 LV LT EE Financial services
2 THERMO FISHER SCIENTIFIC BALTICS, UAB 4371.83 1263.5 487.8 7 LT Manufacturing: consumer goods

*TOP 101 reflects company's enterprise value. With the exception of banks and insurance companies - for these companies equity value is reflected. In case of the listed companies, the value is based on the company’s value on the stock exchange as of 30.06.2021.

** For banks and insurance companies the columns "revenue" and "adjusted EBITDA" present the value of total assets and equity respectively.

1The equity value of SWEDBANK Group is derived by combining the equity values of SWEDBANK Latvia, SWEDBANK Estonia and SWEDBANK Lithuania.

2The equity value of SEB BANK Group is derived by combining the equity values of SEB Bank Latvia, SEB Bank Estonia and SEB Bank Lithuania.

3The enterprise value of TELIA Group is derived by combining the enterprise values of Telia Estonia and Telia Lithuania.

4 Latvian state forests.

5 Lithuanian Railroad.

6 The enterprise value of TELE 2 Group is derived by combining the enterprise values of Tele 2 Latvia, Tele 2 Estonia and Tele 2 Lithuania.

7 Estonian state-owned real estate.

8 The enterprise value of RIMI Group is derived by combining the enterprise values of Rimi Latvia, Rimi Estonia and Rimi Lithuania.

9 Estonian state forests.

10 Port of Tallinn.

11 The enterprise value of Gren Group is derived by combining the enterprise values of Gren Latvia, Gren Jelgava, Gren Daugapils, Gren Estonia, Gren Tartu and Gren Lithuania.

12 The enterprise value of CIRCLE K Group is derived by combining the enterprise values of Circle K Latvia, Circle K Estonia and Circle K Lithuania.


Three-Lithuania-based-companies-lead-the-Baltic-TOP-30-Most-Valuable-enterprises-list

Three Lithuania based companies lead the Baltic TOP 30 Most Valuable Enterprises list

View more
top101-2023-latvian-company-appraisal-between-crisis-and-opportunities-by-karlis-krastins

TOP101 2023 Latvian Company Appraisal: Between Crisis and Opportunities | By Kārlis Krastiņš

View more
illar-kaasik-top-30-vertigako-uznemumu-kopeja-vertiba-lietuva-latvija-un-igaunija-ir-45-miljardi-eiro

Illar Kaasik | The total value of the TOP 30 most valuable companies in Lithuania, Latvia and Estonia is 45 billion euros

View more