May 2026
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Largest Public Companies in Estonia
Benchmark revenue and EBITDA valuation multiples for public comps like
LHV Group, Infortar, Merko Ehitus, Tallink Grupp and TKM Grupp.
 | LHV Group AS operates as a holding company. The Group provides a wide range of financial services, including banking, investment and asset management, insurance, and other financial services in Estonia and the United Kingdom. It operates through its subsidiaries: LHV Pank, LHV Bank, LHV Varahaldus, LHV Kindlustus, and LHV Paytech. The LHV Pank segment, contributes the maximum share of the Group’s revenue, includes retail and corporate banking services in Estonia, offering loans, payment solution, investment, and savings products. LHV Bank offers banking services to financial intermediaries and fintech companies, SME lending, and retail banking in the United Kingdom. LHV Varahaldus is engaged in pension fund and asset management. LHV Kindlustus offers a range of non-life insurance products. | $4 | -8% | $1B | $3B | 7.8x | - | ||
| Infortar AS is an investment holding company in the Baltics. The group focus is on four segment areas which are Energy, Maritime transport, Real estate, and others. The Energy segment includes biogas production, resale and distribution of natural gas, and sale of electricity; the Real estate includes all companies in the group that lease or develop investment property; Maritime transport includes Tallink Grupp (an affiliated undertaking of the group) and its subsidiaries); and Other segment includes smaller companies that provide services to the aforementioned segments and other smaller enterprises. Its geographic regions are Estonia, Finland, Lithuania, Latvia, the Rest of the European Union, and Countries not in the EU. It generates the majority of its revenue from Estonia. | $56 | +1% | $1B | $2B | 1.0x | 7.1x | ||
| Merko Ehitus AS is a construction company. It is engaged in the business of general contracting of construction and on providing complete solutions in professional construction and real estate development. The company operates under two reportable segments: construction service and real estate development. Construction service contributes to the majority of the revenue. The Construction service segment includes all projects of the home markets in general construction, civil engineering, and road construction. The firm operates mainly in Estonia, Lithuania, Latvia, and Norway. Geographically, the company generates the majority of its revenue from Lithuania and Estonia. | $33 | -10% | $576M | $561M | 1.6x | 9.9x | ||
| Tallink Grupp AS provides marine passenger and cargo transportation services in the Baltic Sea. The company operates a total fleet of vessels that include cruise ferries, high-speed ro-pax ferries, and ro-ro cargo vessels. In addition, the Group operates three hotels in Tallinn and one in Riga, and also restaurants of the fast-food chain in Estonia, Latvia, and Lithuania. It offers services on various routes between Estonia, Finland, Sweden, and Latvia under the Tallink Silja Line brands. The company operates through the following segments: Estonia - Finland, Finland - Sweden, Estonia - Sweden, and Others. | $1 | +5% | $557M | $1B | 1.2x | 7.0x | ||
| TKM Grupp AS is principally engaged in retail trade and provision of related services. The company's activities are structured into five business segments: i) Department Stores segment focuses on the sale of beauty and fashion products, ii) Supermarkets segment is involved in the sale of food products and convenience goods, iii) Car Trade segment markets cars at wholesale prices to authorized car dealers, iv) Security segment is active in the provision of security services and surveillance solutions, and v) Real Estate segment is involved in the management, maintenance of real estate owned by the company, and with the rental of commercial premises. The majority of the company's revenue is derived from the Supermarket segment. | $11 | -2% | $436M | $797M | 0.7x | 8.8x | ||
| Tallinna Sadam AS is the owner and operator of the Port of Tallinn. It owns two passenger harbours (Old City Harbour and Saaremaa Harbour) and two cargo harbours (Muuga Harbour and Paldiski South Harbour). Through its subsidiary, the company also operates ferries and provides passenger transport services between Estonia’s mainland and Saaremaa and Hiiumaa islands. The group's reportable segments are Passenger harbours, Cargo harbours, Ferry and Others. Maximum revenue is derived from the Passenger harbours segment, which represents revenue generated by passenger harbours consisting mainly of vessel dues collected from ferries and cruise ships, and passenger fees charged for using services provided by the harbours. Geographically, the group earns a majority of its revenue in Estonia. | $1 | +6% | $385M | $536M | 3.8x | 8.0x | ||
| Coop Pank AS is a credit institution offering banking and financing services. The company provides corporate banking, retail banking, leasing, consumer financing, and Other segments. Its leasing and insurance brokerage segment provides leasing products and insurance brokerage services to both private and corporate customers, respectively; The consumer financing segment provides consumer loans and hire-purchase cards to private customers; Corporate banking (legal entities) and Retail banking (private individuals) segments, both segments offer money transferring products and loan products to customers. It generates revenue from the corporate banking segment, which earns from interest income from lending and commission fees from the settlement of payments and bank card transactions. | $3 | +14% | $279M | $650M | 7.0x | - | ||
| AS Tallinna Vesi is a water utility company in Estonia. The business activity of the group is operated through two plants namely Ulemiste Water Treatment Plant and Paljassaare Wastewater Treatment Plant. It is engaged in water services which include the supply of water and treatment of wastewater services to people in Tallinn and in several neighboring municipalities of Tallinn. Further also engaged in construction and other services. In addition, it also offers other services such as drinking water and waste water analysis, water and sewerage pipeline works, design pipelines and pipeline construction, and others. It has three segments Water services, Construction services, and Other services. It generates the majority of its revenue from Water services segment. | $13 | +4% | $256M | $426M | 5.1x | 11.8x | ||
| EfTEN Real Estate Fund AS is a closed alternative investment fund. The company invests in commercial real estate that generates cash flow in the Baltic states. It has five business segments (office, logistics, trade, nursing homes, hotels) and three geographical segments (Estonia, Latvia, Lithuania). It generates a majority of its revenue from Retail segment. Geographically, the company generates a majority of its revenue from Estonia. | $22 | +1% | $255M | $397M | 10.3x | 14.3x | ||
| Harju Elekter Group is an Estonia-based company engaged in the production of electrical equipment. The company operates in two segments including Production and Real estate. Production segment are the design, sale, manufacturing and after-sales service of power distribution, switching and converting devices, as well as automation, process control and industrial control equipment. production segment are the design, sale, manufacturing and after-sales service of power distribution, switching and converting devices, as well as automation, process control and industrial control equipment. Its Other activities include the management of financial investments, electrical installation works in shipbuilding, and the retail and project sales of electrical goods. | $6 | +17% | $121M | $152M | 0.7x | 7.6x | ||
| Pro Kapital Grupp AS is an Estonian-based company engaged in the business of real estate. Principally, it is involved in buying and selling as well as renting its own and leased real estate. The company focuses on the development, management, and sale of modern retail and residential real estate across five geographical segments: Estonia, Latvia, Lithuania, Italy, and Germany. The company generates maximum revenue from its business in Germany. | $1 | -41% | $52M | $92M | 1.5x | 4.8x | ||
| AS Silvano Fashion Group is a retail brand company. It is an international lingerie distribution group involved in the design, manufacturing, and marketing of women's lingerie. Its brands include Milavitsa, Alisee, Aveline, Lauma Lingerie, Laumelle, and Hidalgo. It sells its brand products through the wholesale channel, and franchised sales, and owns retail operated under the Milavitsa and Lauma Lingerie retail chains. The operating segments of the group are Lingerie retail and Lingerie wholesale. The majority of the company's revenues are a result of the operation of the Lingerie wholesale channel. It has business operations in Russia, Belarus, Ukraine, Baltics, and other countries, with revenue from Russia. | $1 | -13% | $48M | $966K | 0.0x | 0.1x | ||
| AS Ekspress Grupp is a media company whose key activities include web media content production as well as the publishing of newspapers, magazines, and books. The business activities of the group function through the Media segment. The media segment comprises the operations of online news portals and classified portals, advertising sales in own portals in the Baltic, publishing of newspapers, magazines, customer and advertising fliers, publishing, and publication of books, as well as the sale of digital outdoor advertising in Estonia and Latvia. The media operations of the company include online, newspaper, magazine, and book publishing, home delivery, and other media-related activities. | $1 | +25% | $45M | $62M | 0.7x | 4.9x | ||
| J.Molner AS is an Estonia-based company. The company is engaged in research and development in the field of biotechnology. The activities of the company are divided into two business segments: Generic Drugs and Services. It derives maximum revenue from Services. | $26 | -8% | $43M | $44M | 32.8x | 43.3x | ||
| Hepsor AS is a real estate development company in Estonia. It has the following operating segments: residential real estate; commercial real estate; and headquarters. It generates the majority of the revenue from the residential real estate segment. | $7 | -3% | $28M | $83M | 2.0x | 17.4x | ||
| Arco Vara AS is a real estate group in the Baltic States. The group is engaged in real estate development and services related to real estate. The main activity of the group is the development of complete living environments and related commercial real estate. In the development of the living environment, the completed homes are sold to the final consumer. The focus of the group is on the development of residential real estate. The company operates in a single segment, which is the construction and development segment. Its primary geographic markets are Estonia and Bulgaria. | $2 | -27% | $27M | $75M | 8.4x | 214.4x | ||
| Nordecon AS operates in the construction sector. The business activity of the group includes construction of residential and non residential buildings, roads and motorways, utility projects for fluids, water projects, other civil engineering projects, and road maintenance. The group’s reportable operating segments are Buildings and Infrastructure. Geographically, the activities of the group functioned through Estonia; however, it holds a presence in Ukraine, Finland, and Sweden. | $1 | -23% | $21M | $46M | 0.2x | (23.1x) | ||
| TextMagic AS is a text messaging company that helps businesses to engage with customers. The activity of the group is the management and development of software products. The company operates mainly in the U.S., the U.K., Canada, and Australia. TextMagic enables companies to transform customer experiences through its text messaging marketing software, which can be used for sending notifications, alerts, reminders, confirmations, and SMS marketing campaigns anytime, anywhere. The majority of revenue is derived from the United States and Canada. The company generates the majority of its revenue from the development and management of the TextMagic platform. The company also generates a small portion of its total revenue from the Voog and Edicy platforms. | $2 | -- | $17M | $13M | 0.8x | 2.2x | ||
| Nordic Unmanned ASA is a provider of drone systems and services. The products help in emissions monitoring, oil spill monitoring, logistics and robotization, defence and security, power line inspection, and insurance inspections. Also, the company provides software solutions, spare parts, and consulting services. The group's business segments are as follows; Flight Services, AirRobot, and DroneMatrix. Maximum revenue is generated from its Flight Services segment which is a technology-agnostic flight services operator providing time-critical actionable data to large corporate and governmental customers. Geographically, the company generates maximum revenue from Estonia and the rest from Spain, Great Britain, Germany, Norway, and other countries. | $0 | -- | $9M | $25M | - | - | ||
| Nordic Fibreboard AS is a company operating in the business of fiberboard and furniture products. It operates through the business segments of Fibreboard manufacturing and sale; and Real Estate Management. The company generates maximum revenue from the Fibreboard manufacturing and sale segment. Fibreboard manufacturing and sale segment includes manufacturing general construction boards based on softwood fibre boards and interior finishing boards in Parnu and Pussi factories and wholesale of those boards. Geographically, it derives a majority of its revenue from the European Union and also has a presence in Asia; Africa; the Middle East, and other regions. | $1 | -37% | $6M | $10M | 1.2x | (22.1x) | ||
| Elkop Estonia SE operates in the commercial real estate rental sector and owns office, production, warehouse, and retail spaces. Its registered activity in Estonia is the rental and management of its own or leased real estate. | $0 | -31% | $4M | $4M | 1.4x | 0.4x | ||
| AS Trigon Property Development is a real estate development company. Its real estate sales division leases out land and develops real estate. The company's core business activity is property development in Central and Eastern Europe. The company operates in one business segment, which is the sale of real estate. It owns a property development project in the Niidu area, Parnu City, Estonia. | $1 | -16% | $3M | $3M | - | (21.8x) | ||
| PRFoods AS is engaged in farming, production, and sales of fish and fish products. Its main products are salmon and rainbow trout products sold through brands like Saare Kala, John Ross Jr, and Coln Valley Smokery. The company's business segments are Estonia, the United Kingdom, and Central Activities. The majority of its revenue is generated from the United Kingdom segment, which includes the production of salmon products. | $0 | +18% | $3M | $12M | 0.5x | 1.1x | ||
| Atlantis SA is engaged in providing financial services. It offers a provision of services in the field of granting large-value cash loans to companies operating in Poland. Revenue is earned in the form of interest. The company's reporting segments are; Estonia, which is also its key revenue-generating segment, and Poland. | $0 | +1216% | $3M | $2M | 5.5x | 5.9x | ||
| Median | $2 | -2% | $47M | $79M | 1.4x | 7.0x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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