Eesti Energia named Estonia's most valuable company at €3.6 billion
Estonia's state-owned energy company Eesti Energia took first place in the TOP101 ranking of the country's most valuable companies, valued at €3.6 billion. The combined value of the 101 companies reached €39.5 billion.
Eesti Energia, the state-owned energy group and the world's largest oil shale-to-energy company, has again topped the TOP101 ranking of Estonia's most valuable companies, with a value of €3.6 billion. The ranking was compiled by Prudentia Advisory, a mergers and acquisitions advisory firm, and the Nasdaq Tallinn Stock Exchange, in cooperation with the law firm Triniti and the asset management company INVL Family Office.
Luminor Bank placed second at €2.5 billion, and Swedbank third at €2.2 billion. Eesti Energia also led the ranking in 2020–2021 and last year. Over the past year, its value rose by an estimated €263 million, or 7.8 per cent.
Total value outpaces the economy
According to Illar Kaasik, a managing partner at Prudentia, the total value of the 101 most valuable companies grew to €39.5 billion. It increased by 10.6 per cent over the year, more than twice as fast as Estonia's nominal GDP growth of 5.1 per cent. Estonia's GDP has already passed €40 billion and now stands at roughly €41.9 billion. Since 2019, the TOP101's total value has grown by nearly 88 per cent, while nominal GDP has risen by about 61 per cent.
The ten largest companies together account for €17.1 billion, or nearly 43 per cent of the total. The entry threshold exceeded €100 million for the first time: at least €102 million was needed this year, compared with €89 million last year. Against 2019 (€67 million), the threshold is up by more than 52 per cent.
Twelve newcomers joined the list. The highest-placed was Mainor Ülemiste, in 27th position with a value of €332 million.
The methodology assesses the value of a company's business operations, meaning how much value it creates for owners and creditors through its activities. This does not always equal the value of the company as a whole. The ranking has been compiled for the eighth consecutive year to promote the Estonian capital market and the contribution of Estonian businesses to the sustainability of the economy.
