Baltic TOP - 2023
Baltic's most valuable enterprises
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| TOP 2023 | TOP 2022 | Company name | Value 2023 | Value 2022 | Change | Turnover 2022 | EBITDA 2022 | CorpGov Score | Country | Industry |
|---|---|---|---|---|---|---|---|---|---|---|
| 17 | 24 | BALTIC CLASSIFIEDS GROUP 9 | 1115.84 | 818.60 | 36% | 60.8 | 46.0 | 81 |
|
IT and telecommunication services |
| 21 | 19 | RIIGI KINNISVARA, AS 11 | 1030.25 | 1012.99 | 2% | 156.0 | 64.9 | 63 |
|
Real estate operations |
| 24 | 23 | GREN GROUP 13 | 1010.86 | 839.85 | 20% | 223.9 | 92.0 | 14 |
|
Utility services |
| 25 | 27 | UTILITAS, OÜ | 844.73 | 805.38 | 5% | 255.8 | 70.6 | 44 |
|
Utility services |
| 11 | 17 | ENEFIT GREEN, AS | 1458.10 | 1104.58 | 32% | 256.0 | 155.0 | - |
|
Manufacturing: energy carriers |
| 23 | 25 | RIIGIMETSA MAJANDAMISE KESKUS, SA 12 | 1012.22 | 811.13 | 25% | 302.3 | 159.2 | 41 |
|
Extraction of natural resources |
| 27 | - | VALSTYBINIŲ MIŠKŲ URĖDIJA, VĮ 14 | 791.39 | - | % | 319.9 | 135.2 | 84 |
|
Extraction of natural resources |
| 15 | 11 | MIKROTĪKLS, SIA | 1182.28 | 1308.28 | -10% | 334.3 | 89.3 | 10 |
|
Manufacturing: industrial products |
| 20 | 9 | LIETUVOS GELEŽINKELIAI, AB 10 | 1049.81 | 1451.50 | -28% | 434.1 | 144.1 | 100 |
|
Transportation, transit, logistics |
| 19 | 20 | BITĖ LIETUVA, UAB | 1082.82 | 973.50 | 11% | 529.7 | 173.2 | 62 |
|
IT and telecommunication services |
| 9 | 10 | LATVIJAS VALSTS MEŽI, AS 5 | 2206.14 | 1341.52 | 64% | 566.7 | 299.0 | 98 |
|
Extraction of natural resources |
| 14 | 14 | TELE 2 GROUP 8 | 1202.37 | 1199.97 | 0% | 578.5 | 205.6 | 24 |
|
IT and telecommunication services |
| 30 | 28 | EPSO-G, UAB | 702.58 | 703.65 | 0% | 589.9 | -11.5 | 100 |
|
Transmission and storage |
| 22 | 13 | GRAANUL INVEST, AS | 1020.68 | 1299.79 | -21% | 589.9 | 142.2 | 32 |
|
Manufacturing: energy carriers |
| 18 | 18 | TALLINK GRUPP, AS | 1106.55 | 1038.12 | 7% | 771.4 | 136.0 | - |
|
Transportation, transit, logistics |
| 10 | 7 | TELIA GROUP 6 | 1897.75 | 1966.02 | -3% | 809.2 | 255.3 | 78 |
|
IT and telecommunication services |
| 26 | - | INFORTAR, AS | 799.78 | - | % | 1053.7 | 119.8 | 37 |
|
Utility services |
| 1 | 1 | THERMO FISHER SCIENTIFIC BALTICS, UAB | 6180.66 | 6067.21 | 2% | 1476.9 | 650.9 | 8 |
|
Manufacturing: consumer goods |
| 5 | 4 | LATVENERGO, AS | 2912.41 | 2452.29 | 19% | 1841.8 | 341.5 | 90 |
|
Utility services |
| 28 | 26 | RIMI GROUP 15 | 732.25 | 810.23 | -10% | 1894.5 | 70.5 | 36 |
|
Trade: consumer goods |
| 6 | 8 | WILLGROW, UAB 3 | 2549.69 | 1643.44 | 55% | 1936.0 | 338.5 | 27 |
|
Transportation, transit, logistics |
| 29 | 21 | KONCERNAS ACHEMOS GRUPĖ, UAB | 730.62 | 909.45 | -20% | 2154.3 | 123.1 | 34 |
|
Manufacturing: industrial products |
| 13 | 16 | EESTI ENERGIA, AS 7 | 1204.37 | 1129.26 | 7% | 2218.2 | 185.9 | 63 |
|
Utility services |
| 7 | 5 | IGNITIS GRUPĖ, AB | 2463.52 | 2243.35 | 10% | 4381.3 | 536.7 | 100 |
|
Utility services |
| 16 | 15 | LHV GROUP, AS | 1154.60 | 1173.38 | -2% | 6135.0 | 420.8 | - |
|
Financial services |
| 3 | 2 | VILNIAUS PREKYBA, UAB | 4816.94 | 4744.12 | 2% | 6502.8 | 531.6 | 44 |
|
Trade: consumer goods |
| 2 | - | REVOLUT HOLDINGS EUROPE, UAB 1 | 5924.88 | - | % | 8784.6 | 401.2 | 35 |
|
Financial services |
| 12 | 12 | LUMINOR BANK, AS | 1352.26 | 1301.15 | 4% | 14756.7 | 1583.4 | 67 |
|
Financial services |
| 8 | 6 | SEB BANK GROUP 4 | 2313.79 | 2177.26 | 6% | 27070.2 | 2596.1 | 88 |
|
Financial services |
| 4 | 3 | SWEDBANK BALTICS, AS 2 | 3397.58 | 3167.59 | 7% | 41337.0 | 4185.0 | 42 |
|
Financial services |
* 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 30.06.2023.
** For banks and insurance companies the columns "revenue" and "adjusted EBITDA" present the value of total assets and equity respectively.
¹ REVOLUT HOLDINGS EUROPE, UAB valuation represents only a part of total "Revolut" company value.
² SWEDBANK BALTICS, AS is a financial holding company for subsidiary banks in Estonia, Latvia and Lithuania.
³ Company changed name during the year 2023. Formerly, in the TOP of 2022, company was listed under the previous name ME INVESTICIJA, UAB.
⁴ The equity value of SEB BANK Group is derived by combining the equity values of SEB Bank Latvia, SEB Bank Estonia and SEB Bank Lithuania.
⁵ Latvian state forests.
⁶ The enterprise value of TELIA Group is derived by combining the enterprise values of Telia Estonia and Telia Lithuania.
⁷ The value of Enefit Green is not included in the value of Eesti Energia.
⁸ 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.
⁹ BALTIC CLASSIFIEDS GROUP holds all business operations in the Baltic States, and the groups' enterprise value is derived from the equity listed on London Stock Exchange.
¹⁰ Lithuanian Railroad.
¹¹ Estonian state-owned real estate.
¹² Estonian state forests.
¹³ The enterprise value of Gren Group is derived by combining the enterprise values of Gren Latvia, Gren Riga, Gren Jelgava, Gren Daugapils, Gren Gulbene, Gren Estonia, Gren Tartu and Gren Lithuania.
¹⁴ Lithuanian state forests.
¹⁵ The enterprise value of RIMI Group is derived by combining the enterprise values of Rimi Latvia, Rimi Estonia and Rimi Lithuania.
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