TOP 101 - 2007
Latvia's most valuable enterprises

TOP 2007 TOP 2006 Company name Value 2007 Value 2006 Change   Industry
1 - HANSABANKA, AS 1626.21 - - Banks and financial services
2 - PAREX BANKA, AS 1040.36 - - Banks and financial services
3 - SEB LATVIJAS UNIBANKA, AS 933.68 - - Banks and financial services
8 - RIETUMU BANKA, AS 489.51 - - Banks and financial services
11 - DNB NORD BANKA, AS 356.23 - - Banks and financial services
13 - AIZKRAUKLES BANKA, AS 317.06 253.16 - Banks and financial services
16 - LATVIJAS HIPOTĒKU UN ZEMES BANKA, VAS 238.94 209.19 - Banks and financial services
18 - UNICREDIT BANK, AS 196.57 119.46 - Banks and financial services
23 - NORVIK BANKA, AS 158.24 - - Banks and financial services
25 - BALTIC TRUST BANK, AS 148.88 - - Banks and financial services
30 - LATVIJAS KRĀJBANKA, AS 118.90 - - Banks and financial services
33 - LATVIJAS TIRDZNIECĪBAS BANKA, AS 101.52 - - Banks and financial services
37 - GE MONEY, AS 89.81 - - Banks and financial services
38 - TRASTA KOMERCBANKA, AS 84.52 - - Banks and financial services
39 - LATVIJAS BIZNESA BANKA, AS 82.70 - - Banks and financial services
41 - ARIS BALTIJA, SIA 71.40 - - Fuel trade
44 - OLYMPIC CASINO LATVIA, SIA 67.12 - - Gambling
49 - BINDERS, CEĻU BŪVES FIRMA SIA 62.03 - - Construction services and materials
51 - MIKROTĪKLS, SIA 61.01 - - Information and Technology
52 - LATVIJAS BALZAMS, AS 60.65 25.77 - Alcoholic beverages
56 - INSERVISS GROUP, SIA 57.66 - - Banks and financial services
59 - STOCKMANN CENTRS, SIA 52.72 - - Retail
66 - SEVERSTAĻLAT, AS 48.09 28.63 - Manufacturing
67 - PERI, SIA 47.56 - - Construction services and materials
69 - BALTIC INTERNATIONAL BANK, AS 46.03 - - Banks and financial services
70 - RĪGAS ŪDENS, SIA 45.75 - - Utility services
72 - RETTENMEIER BALTIC TIMBER, SIA 44.65 - - Forestry and timber processing
74 - AKCIJU KOMERCBANKA BALTIKUMS, AS 44.13 - - Banks and financial services
76 - SAMPO BANKA, AS 42.39 - - Banks and financial services
77 - JOKER LTD, SIA 42.38 - - Gambling
80 - TILTS, SIA 40.52 - - Construction services and materials
81 - REĢIONĀLĀ INVESTĪCIJU BANKA, AS 39.79 - - Banks and financial services
82 - SKONTO BŪVE, SIA 39.68 - - Construction services and materials
85 - CIDO GRUPA, SIA 37.86 22.80 - Food production
86 - 8 CBR, AS 37.27 - - Construction services and materials
87 - MULTIBANKA, AS 36.29 - - Banks and financial services
91 - TV 3 LATVIA, SIA 34.09 - - Media
92 - KOLONNA, AS 33.78 - - Retail
93 - PRIVATBANK, AS 33.67 - - Banks and financial services
94 - RAMITEH, SIA 33.63 - - Construction services and materials
96 - STABURADZE, AS 32.60 - - Food production
98 - CEĻU SATIKSMES DROŠĪBAS DIREKCIJA, VAS 32.11 - - Government services
100 - CEĻU PĀRVALDE, AS 31.76 - - Construction services and materials
101 - OGRES JUMIS, SIA 31.47 - - Construction services and materials
5 1 LATVENERGO, AS 824.08 649.77 27% Energy
4 2 LATVIJAS MOBILAIS TELEFONS, SIA 897.32 448.34 100% Telecommunication services
6 3 LATVIJAS VALSTS MEŽI, VAS 668.41 423.48 58% Forestry and timber processing
9 4 LATVIJAS GĀZE, AS 469.47 385.37 22% Energy
7 5 TELE2, SIA 526.74 328.35 60% Telecommunication services
10 6 LATTELECOM, SIA 429.97 301.89 42% Telecommunication services
12 7 VENTSPILS NAFTA, AS 347.12 - 0% Transportation, transit, logistics
14 8 LATVIJAS KUĢNIECĪBA, AS 278.55 79.04 252% Transportation, transit, logistics
34 9 VENTBUNKERS, AS 94.13 239.44 -61% Transportation, transit, logistics
17 10 LATVIJAS DZELZCEĻŠ, VAS 230.11 - 0% Transportation, transit, logistics
28 11 RIMI LATVIA, SIA 138.56 178.38 -22% Retail
22 12 LATVIJAS FINIERIS, AS 164.08 150.21 9% Forestry and timber processing
21 13 KNAUF, SIA 353.78 291.57 21% Construction services and materials
24 14 GRINDEKS, AS 152.47 122.61 24% Pharmacy
19 15 ELKO GRUPA, AS 177.58 69.21 157% Information and Technology
26 16 VP GROUP LATVIA, SIA 148.14 108.09 37% Retail
32 17 AIR BALTIC CORPORATION, AS 103.87 97.01 7% Transportation, transit, logistics
15 18 ALFOR, SIA 271.80 - 0% Gambling
78 19 STORA ENSO TIMBER, AS 42.11 69.41 -39% Forestry and timber processing
20 20 LIEPĀJAS METALURGS, AS 171.83 145.98 18% Manufacturing
60 21 RI-OS, AS 50.82 65.45 -22% Tourism and Hotels
36 22 LATVIJA STATOIL, SIA 90.19 64.73 39% Fuel trade
45 23 VIKA WOOD, SIA 64.22 64.71 -1% Forestry and timber processing
48 24 DROGAS, AS 62.46 59.37 5% Retail
73 25 VALMIERAS STIKLA ŠĶIEDRA, AS 44.28 59.30 -25% Manufacturing
64 26 RĪGAS PIENA KOMBINĀTS, AS 48.66 58.04 -16% Food production
89 26 RĪGAS PIENSAIMNIEKS, SIA 34.31 28.61 20% Food production
29 27 UPB, AS 133.34 57.34 133% Construction services and materials
35 28 ALDARIS, AS 92.04 56.05 64% Alcoholic beverages
42 29 SENTOR FARM APTIEKAS, AS 67.84 - 0% Pharmacy
46 29 RECIPE PLUS, AS 62.76 27.38 129% Pharmacy
31 30 A.C.B., AS 106.46 55.71 91% Construction services and materials
71 32 WESS, AS 45.07 51.97 -13% Automotive retail
27 33 RĪGAS SATIKSME, RP SIA 141.21 50.56 179% Transportation, transit, logistics
79 35 POLAR BEK DAUGAVA, SIA 41.26 46.62 -11% Tourism and Hotels
50 36 NELSS, SIA 61.86 46.40 33% Construction services and materials
83 37 LATVIJAS ENERGOCELTNIEKS, SIA 38.13 39.09 -2% Construction services and materials
75 39 TAMRO, SIA 43.63 37.87 15% Pharmacy
63 40 STARPTAUTISKĀ LIDOSTA RĪGA, VAS 49.35 35.87 38% Transportation, transit, logistics
40 41 NESTE LATVIJA, SIA 79.46 35.42 124% Fuel trade
84 44 BMGS, AS 38.00 34.55 10% Construction services and materials
47 45 STREK, SIA 62.75 34.42 82% Transportation, transit, logistics
53 46 BALTIC CONTAINER TERMINAL, SIA 60.27 - 0% Transportation, transit, logistics
62 47 DOMENIKSS, SIA 50.02 33.27 50% Automotive retail
43 48 ITERA LATVIJA, SIA 67.56 31.60 114% Energy
61 51 SIS BIZNESA SERVISS, SIA 50.31 30.53 65% Retail
57 52 GAUJAS KOKS, SIA 55.50 30.52 82% Forestry and timber processing
54 55 VK TRANZĪTS, SIA 59.45 29.71 100% Transportation, transit, logistics
55 56 RĪGAS SILTUMS, AS 58.18 29.15 100% Utility services
97 64 RD ELEKTRONIKS, SIA 32.53 25.76 26% Retail
58 68 FURORS, SIA 55.47 24.24 129% Gambling
68 75 POST-NEVADA, SIA 46.95 21.28 121% Gambling
65 76 ADMIRĀĻU KLUBS, AS 48.16 20.40 136% Gambling
88 81 L'OREAL BALTIC, SIA 34.70 17.76 95% Retail
90 82 INTRAC LATVIJA, SIA 34.22 17.29 98% Forestry and timber processing
95 86 OLAINFARM, AS 33.11 16.09 106% Pharmacy
99 96 JYSK LINNEN'N FURNITURE, SIA 31.82 13.74 132% Retail

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

Comparison between TOP101 and GDP

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Distribution of the value of TOP101 companies, based on capital structure

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TOP 101 value of the last company present in TOP, million EUR

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