GILD Estonia s most valuable companies

Transcription

1 GILD1 1 Estonia s most valuable companies

2 GILD1 GILD1, compiled by GILD Corporate Finance, ranks the 1 most valuable Estonian companies by their estimated market capitalisation as of the beginning of 1. The first GILD1 was published in 7 based on estimated equity values as of 1 January 7. The current GILD1 ranks companies by their estimated market value as of 1 January 1 (or as of the end of 9). METHODOLOGY All for-profit companies listed in the Estonian Business Register are eligible for inclusion in GILD1. The branches of foreign companies, non-profit organisations and holding companies with the sole purpose of holding private individuals assets have been excluded. The valuation is based on public information and comparative analysis, which provides more objectivity and transparency as compared to many other widely used valuation methods. Each company or sector is compared with a suitable peer group. The peer group is selected from among listed companies with similar business activity, operating region, growth potential, risk profile and profitability. For companies active in Estonia, peers from neighbouring regions were selected. Companies with several business lines were valued using several peer groups respectively. The financial statements of companies have been adjusted for one-off transactions and events, e.g. extraordinary profit/loss from currency exchange differences, fixed asset sales or revaluations. The debt and cash positions are valued based on their nominal book values. An important difference in methodology compared to previous years is the elimination of intragroup and owner-related non-operating loans and receivables. There are certain distortions caused by the peculiarities of the Estonian tax regime: there is no corporate income tax on reinvested earnings in Estonia; dividends are taxed at 26.6% (from the net amount). A company that pays no dividends, pays no income tax. Under this regime, many local subsidiaries of foreignowned companies have given extensive loans to their parent companies/group treasuries. We have treated this as a form of tax planning in profit distribution, and have classified the abovementioned loans as non-operating assets and excluded these amounts from the valuations. In some cases these amounts exceed the operating value of the company. Analysis of 8 large foreign-owned companies shows that assets amounting to ca EUR 64 million have been lent out in the period of 6-9 in this manner (tax free). In the final valuation other investments, e.g. financial investments, are still included. DISCLAIMER GILD1 presents estimates of equity value, which may differ significantly from actual take-over or floatation value. Take-over or floatation value is influenced by several factors, which are not taken into account in the current valuation. Those factors include secondary market liquidity, different valuation methods, transaction-specific factors and others. GILD Corporate Finance has compiled GILD1 based on the 9 financial results and has not taken into account subsequent financial results or changes in stock exchange valuation in 1. The value estimations in GILD1 are not investment advice. The list is compiled using the comparative valuation method. GILD Corporate Finance is aware that other valuation methods may lead to different results. 2 GILD1 1

3 GILD1 1 Million EUR Rank Company Industry Value Revenues Earnings (2) Swedbank AS 1, (1) Eesti Energia AS 1, (3) Eesti Telekom AS munication (7) SEB Pank AS (9) Tallinna Sadam AS (6) Tallink Grupp AS (5) BLRT Grupp AS Metal industry (8) Elisa Eesti AS munication (13) G4S Baltics AS Security services (1) Tallinna Vesi AS (4) Tele2 Eesti AS munication (22) Tallinna Kaubamaja AS Retail trade (32) Riverito AS (16) Eesti Raudtee AS (29) Olympic Entertainment Group AS Entertainment (25) Vopak E.O.S. AS (44) Pro Kapital Grupp AS Real estate (28) Riigi Kinnisvara AS Real estate (37) Spacecom AS (19) Eesti Gaas AS (17) Transgroup Invest AS (21) ABB AS Electronics (15) A. Le Coq AS Food industry (18) If P&C Insurance AS Insurance (26) Rakvere Lihakombinaat AS Food industry (27) Magnum AS trade (45) Tallinna Lennujaam AS (62) Saint-Gobain Glass Estonia AS Glass industry (86) Vesta Terminal Tallinn OÜ (14) Viru Keemia Grupp AS Chemical industry Skinest Grupp AS (39) ES Sadolin AS materials (35) Eesti Statoil AS trade (11) Kunda Nordic Tsement AS materials (36) ERGO Kindlustuse AS Insurance (42) Rocca Al Mare Kaubanduskeskuse AS Real estate (23) Rimi Eesti Food AS Retail trade (41) Lennuliiklusteeninduse AS () Neste Eesti AS trade (43) Eesti Loto AS Entertainment KC Grupp AS Real estate (55) Norma AS Car industry (31) Henkel Makroflex AS materials (47) Trigon Capital AS Financial services Stora Enso Eesti AS Wood industry (63) Nordecon International AS (77) ALSTOM Estonia AS Electronics (3) O-I Production Estonia AS Glass industry (51) Levira AS munication (53) Elme Messer Gaas AS Chemical industry GILD1 1

4 GILD1 1 Million EUR Rank Company Industry Value Revenues Earnings Tallinna Küte AS (68) Transiidikeskuse AS (46) Eesti AGA AS Chemical industry JELD-WEN Eesti AS Durable consumer goods (49) Saku Õlletehase AS Food industry (6) Orica Eesti OÜ Chemical industry DBT AS Astlanda Ehitus OÜ Tallegg AS Food industry Top Connect OÜ munication Maxima Eesti OÜ Retail trade (33) Leibur AS Food industry Antonio Trade OÜ Wholesale trade Harju Elekter AS Electronics (7) Krimelte OÜ materials Balti Invest. Grupi Pank AS Lenne OÜ Textile industry Graanul Invest AS Wood industry KH Energia-Konsult AS (34) Technomar & Adrem AS materials Tavid AS Financial services (57) Wendre AS Textile industry (99) Silvano Fashion Group AS Textile industry (94) Ragn-Sells AS (88) EKE Invest AS Real estate Eesti Meedia AS Media Intopex Trans AS Toftan AS Wood industry (81) Seesam Rahvusv. Kindlustuse AS Insurance (65) Metaprint AS Packaging (5) Tamro Eesti OÜ trade (48) Liviko AS Food industry Bellus Furnitur OÜ Furniture Nordea Finance Estonia AS Viasat AS munication (38) Prisma Peremarket AS Retail trade Ehitusfirma Rand & Tuulberg AS (72) OG Elektra AS trade Harju KEK AS Financial services Facio Ehituse AS Veolia Keskkonnateenused AS (4) Stockmann AS Retail trade Skype Technologies OÜ IT Kaamos Group OÜ Real estate Glamox HE AS Electronics (9) Fortum Elekter AS (58) Konesko AS Electronics Ekspress Grupp AS Media Tartu Mill AS Food industry STV AS munication GILD1 1

5 GILD1 7-1 Total value 1 January, in billion EUR GILD1 OMX Baltic OMX Tallinn GILD1 and stock exchange indices 1.1.7=1 14 Tallinn stock exchange Baltic stock exchange (BBPI) GILD GILD1 1

6 GILD1 values by sector and economic activity Industrial sector Services Financial sector as of 1 January % 16% 35% 18% 17% 25% 22% % 46% 47% 58% 58% Values by economic activity 11% 9% 7 8% % 8% services 8% 36% services 13% 6% 7% 13% 1 16% 25% % Number of companies by economic activity services services GILD1 1

7 GILD1 value change by economic activity as of 1 January Financial sector % % 27 +4% % % +7% % % 4 +23% munication services % % +27% trade % 77-58% % % 88-58% % Value index by economic activity is calculated with the so-called chain method, where the change in index value comprises only companies included in the final table in both years. 7 GILD1 1