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Top 100 Estonian companies worth EUR 19.4 billion
The leading Baltic investment bank GILD Bankers has compiled for the second time GILD100, the ranking of the most valuable Estonian companies. Research made by GILD Bankers concluded that the most valuable Estonian company is Swedbank (Hansapank) with the estimated market value of EUR 4.6 billion (EEK 71.7 billion) at the date of 1 January 2008.
The total estimated equity value of the 100 largest Estonian companies has dropped 11 percent from around EUR 22 bn in 2007 to around EUR 19.4 bn in 2008. To be included in the ranking the value of the company had to be EUR 44 m.
GILD Bankers Managing Partner Rain Tamm said that obviously the current ranking reflects the overall macroeconomic change that started already in the second half of 2007. „Given the rapid developments on the financial markets this year, we also calculated that by October 2008 the entire equity value of top ten companies in the ranking dropped even by 42 percent, but at the same time the top ten is consistent, in terms of who are the strongest players among Estonian companies. Clearly Estonia is facing economic challenges, especially in 2009, but strong companies will survive and find attractive opportunities to strengthen their positions.”
Tamm added that in the next years, due to more attractive price levels, GILD Bankers expects that foreign companies are increasingly interested to take over Estonian enterprises with considerable market shares: “This should be regarded as a positive development as we can keep valuable companies, jobs and markets running. At the same time Estonian entrepreneurs will receive capital to invest into new projects in Estonia. Local companies with strong liquidity are likely to expand in the region, also to Sweden and Finland.”
GILD100 ranks the largest Estonian companies by their estimated market capitalization, provided they had been listed on Tallinn Stock Exchange in the beginning of the year, this time 1 January 2008. The valuation is based on comparative valuation method, using only available public information.
Following is the top ten of the most valuable Estonian companies (name of the company, estimated equity value in millions of euros at 1 January 2008, change compared to equity value in 2007 and place in the previous ranking):
| 1. Hansapank (Swedbank) |
4583 |
-19,5% |
1 |
| 2. Eesti Energia |
1496 |
-5,3% |
2 |
| 3. SEB Pank |
1205 |
-11,8% |
3 |
| 4. Eesti Telekom |
1076 |
-7,1% |
4 |
| 5. Tallink Grupp |
708 |
-17,8% |
5 |
| 6. Olympic Entertainment
Group |
529 |
-21,2% |
6 |
| 7. BLRT Grupp |
424 |
15,9% |
12 |
| 8. Sampo Pank |
378 |
-1,6% |
9 |
| 9. Tele2 Eesti |
374 |
-7,4% |
8 |
| 10. Tallinna Sadam |
329 |
-19,3% |
7 |
To view the entire table in English click here.
GILD Bankers introduced GILD 100
for the first time in 2007 with the intention of compiling the annual snapshot
of estimated company valuations on a regular basis.
The aim of the project is to draw attention to the development, growth and
financing of companies from the viewpoint of creating or decreasing value. GILD Bankers leads the project in cooperation
with, NASDAQ OMX Tallinn Stock Exchange, Estonian Employers' Confederation and
the weekly newspaper Eesti Ekspress.
GILD Bankers is the leading Baltic
investment bank active in Emerging Europe.
The core services of GILD are management of alternative funds, investment
banking and private banking. Baltic
countries are the home markets of GILD, but the area of activities and
investments extends to the CEE and CIS region.
For additional information, please contact:
Rain Tamm
Managing Partner
GILD Bankers
+372 6 800 401
Kadri Kütt
Communication Manager
GILD Bankers
+372 56 800 467