GILD Estonia s most valuable companies

Transcription

1 GILD1 13 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 13. 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 13 (or as of the end of 12). 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 pure holding companies have been excluded. Listed companies are presented with their actual market values, the rest are valued as if the minority share was trading on the stock exchange. 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. 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. The aim is to value companies or groups of companies that operate as one economic entity. Classification is reviewed each year, which may result in changes to the list of companies. For example, some subsidiaries of larger groups have been valued and added to the list as separate companies instead of the parent company only. Also, some legal entities serve a special purpose which is insufficient to consider them as standalone firms and are therefore excluded. Auditors reports have been considered in the valuation process. A qualified opinion which raises doubts about the company s profitability or the value of its assets has in some cases led to the decision to exclude the company from valuation or to value it on a very conservative basis. For this reason, some companies that could be found in previous years lists have not reached the top 1 this year. Due to the abovementioned and other necessary improvements in methodology not all companies and their values are directly comparable from year to year in the previously released final tables. One of the most important changes was made in 1 regarding intra-group receivables and payables (see GILD1 1). All complementary charts have been updated to take into account such changes. 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 12 financial results and has not taken into account subsequent financial results or changes in stock exchange valuation in 13. 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 13 GILD IB OÜ, 13. All rights reserved.

3 GILD Total value January 1st, billion EUR GILD1 OMX Baltic stock exchange OMX Tallinn stock exchange ,6 19,1 13,9 13,8 13,1 13,6 11,9 1,1 8,4 6,4 6,8 5,2 5,2 4,5 4,1 4,5 1,4 1,8 1,7 1,2 1,6 14 Stoxx6 GILD1 and stock exchange indices 1.1.7=1 Tallinn stock exchange Baltic stock exchange (BBPI) GILD % 56% % 3 14% 14% Year on year the GILD1 index gained 14%, mostly reflecting increased confidence in the world s financial markets as total profits amongst the GILD1 companies remained stable. 3 GILD1 13 GILD IB OÜ, 13. All rights reserved.

4 GILD1 13 Million EUR Rank YoY% Company Economic activity Value Sales Profit 1 74% Swedbank AS Banking % Eesti Energia AS Energy and oil shale processing SEB Pank AS Banking % Tallink Grupp AS Shipping % Vopak E.O.S. AS Terminals % Eesti Telekom AS Telecommunication % Ericsson Eesti AS Electrical equipment manufacturing % Viru Keemia Grupp AS Energy and oil shale processing Olympic Entertainment Group AS Casinos % Elering AS Electricity transmission Skinest Grupp AS Rail car manufacturing Elisa Eesti AS Telecommunication % Tallinna Kaubamaja AS Retail Trade % Tallinna Sadam AS Ports % PKC Eesti AS Electrical equipment manufacturing % E.L.L. Kinnisvara AS Real estate % Tallinna Vesi AS Water industry % Spacecom AS Railcar rent % If P&C Insurance AS Insurance % Eesti Gaas AS Gas distribution % Riigi Kinnisvara AS Real estate % A. Le Coq AS Brewery % Tele2 Eesti AS Telecommunication % G4S Baltics AS Security services Alexela Logistics AS Terminals % Rocca Al Mare Kaubanduskeskuse AS Real estate Nordmet AS Metals trading ABB AS Electrical equipment manufacturing % Silvano Fashion Group AS Clothing % Eesti Raudtee AS Railroad infrastructure % Merko Ehitus AS Construction and real estate % Vesta Terminal Tallinn OÜ Terminals Tallinna Lennujaam AS Airport % Magnum AS Pharmaceuticals retail and wholesale % DBT AS Terminals Transgroup Invest AS Logistics % Baltic Maritime Logistics Group AS Logistics Kunda Nordic Tsement AS Cement production % Top Connect OÜ Telecommunication % Saint-Gobain Glass Estonia SE Glass production % Fortum Tartu AS Energy % ERGO Insurance SE Insurance % Kiviõli Keemiatööstuse OÜ Oil shale processing % BLRT Grupp AS Shipbuilding % Stora Enso Eesti AS Wood processing % Wett Eesti OÜ Logistics % Rimi Eesti Food AS Retail trade % Krimelte OÜ Construction foams production % Maxima Eesti OÜ Retail trade Petromaks Spediitori AS Logistics YoY change for companies, which were not included in GILD1 12 have been marked with - 4 GILD1 13 GILD IB OÜ, 13. All rights reserved.

5 GILD1 13 Million EUR Rank YoY% Company Economic activity Value Sales Profit 51-1 Rakvere Lihakombinaat AS Meat processing % Statoil Fuel & Retail Eesti AS Fuel retail Elme Messer Gaas AS Industrial gases production % Transiidikeskuse AS Terminals Utilitas OÜ Energy % Lenne OÜ Clothing Eesti AGA AS Industrial gases production % Bigbank AS Banking Spacecom Trans AS Railcar rent Nordea Finance Estonia AS Banking Creative Mobile OÜ Software % Henkel Makroflex AS Construction foams production Pro Kapital Grupp AS Real estate Eesti Loto AS State lottery company Technomar & Adrem AS Wood processing % Metaprint AS Packaging production Prisma Peremarket AS Retail trade Kodumaja AS Modular buildings % Leibur AS Bakery % Kinnisvaravalduse AS Real estate % Lennuliiklusteeninduse AS Flight control services % Norma AS Vehicle safety equipment Famar-Desi Grupp AS Real estate % Toftan AS Wood processing Eesti Post AS Postal services % Harju Elekter AS Electrical equipment manufacturing Järve Kaubanduskeskus OÜ Real estate Seesam Insurance AS Insurance % JELD-WEN Eesti AS Doors and windows production % Tavid AS Financial services Horizon Tselluloosi ja Paberi AS Packaging production % Mecro AS DIY stores Ülemiste Center OÜ Real estate Lemeks AS Wood processing % Ramirent Baltic AS Tool rental % Wendre AS Home textiles % Glamox HE AS Lighting equipment sale and manufacturing Starman AS Telecommunication Stockmann AS Retail trade % Maag Grupp AS Dairy production % UPM-Kymmene Otepää AS Wood processing % Ensto Ensek AS Electrical equipment manufacturing % Neste Eesti AS Fuel retail Liviko AS Spirits production Würth AS Tools wholesaling % Nordecon AS Construction and real estate Cramo Estonia AS Tool rental % Russian Estonian Rail Services AS Railcar rent Valio Baltic AS Dairy production % EKE Invest AS Real estate YoY change for companies, which were not included in GILD1 12 have been marked with GILD1 13 GILD IB OÜ, 13. All rights reserved.

6 GILD1 Profits Net profits for the fiscal year EUR billion GILD1 Total private sector profits Share 3,1 3, 2,,7,8,8,4, % 6% 5% 4% 3% % 1% % In 12 GILD1 profits contributed more than a quarter (26%) of total Estonian private sector profits. * The fiscal year profit data for GILD1 excludes public sector companies and financial institutions to ensure comparability to the data published by the Statistics Office. Total private sector profits for 12 will be revised and corrected results published on the 3th of December 13. GILD1 TOP1 Advancers and Decliners Million EUR Advancers Rank Company name Economic activity Value Advance 11 Skinest Grupp AS Rail car manufacturing Baltic Maritime Logistics Group AS Logistics 83 94% 6 Nordea Finance Estonia AS Banking 56 8 Eesti Gaas AS Gas distribution % 47 Rimi Eesti Food AS Retail trade 69 76% 1 Swedbank AS Banking % 65 Technomar & Adrem AS Wood processing SEB Pank AS Banking Olympic Entertainment Group AS Casinos Fortum Tartu AS Energy 81 65% Decliners Rank Company name Economic activity Value Decline 3 Eesti Raudtee AS Railroad infrastructure 16-62% 44 BLRT Grupp AS Shipbuilding 77-6% 92 Ensto Ensek AS Electrical equipment manufacturing 39-49% 62 Henkel Makroflex AS Construction foams production 55-41% 7 Ericsson Eesti AS Electrical equipment manufacturing % 14 Tallinna Sadam AS Ports % 91 UPM-Kymmene Otepää AS Wood processing 39-29% 81 Horizon Tselluloosi ja Paberi AS Packaging production Kinnisvaravalduse AS Real estate 49-23% 86 Wendre AS Home textiles 41-22% 6 GILD1 13 GILD IB OÜ, 13. All rights reserved.

7 GILD Veteran Index Gild Veteran Index and veterans' share of Gild1 value % of GILD1 GILD Veteran Index 14 1 % 3 39% 44% 15% 5% % 75% 7 74% 69% 6 The Gild Veteran Index tracks the value of 41 companies that have been in the GILD1 list since its inception in 7. The index is calculated as an equal weight index. From 7 through 9 the index lost 3 of its value, but in the following 4 years the index gained 7. Rank in GILD1 Veteran s name Value Rank in GILD1 Veteran s name Value 1 Swedbank AS Eesti Raudtee AS 16 2 Eesti Energia AS Vesta Terminal Tallinn OÜ 13 3 SEB Pank AS Tallinna Lennujaam AS 12 4 Tallink Grupp AS Magnum AS 93 5 Vopak E.O.S. AS Transgroup Invest AS 87 6 Eesti Telekom AS Kunda Nordic Tsement AS 82 8 Viru Keemia Grupp AS BLRT Grupp AS 77 9 Olympic Entertainment Group AS Rimi Eesti Food AS Elisa Eesti AS Krimelte OÜ Tallinna Kaubamaja AS Rakvere Lihakombinaat AS Tallinna Sadam AS Statoil Fuel & Retail Eesti AS Tallinna Vesi AS Transiidikeskuse AS If P&C Insurance AS Eesti AGA AS 57 Eesti Gaas AS Henkel Makroflex AS Riigi Kinnisvara AS Pro Kapital Grupp AS A. Le Coq AS Technomar & Adrem AS Tele2 Eesti AS Lennuliiklusteeninduse AS G4S Baltics AS Norma AS Rocca Al Mare Kaubanduskeskuse AS Wendre AS ABB AS Stockmann AS 4 29 Silvano Fashion Group AS 18 7 GILD1 13 GILD IB OÜ, 13. All rights reserved.

8 GILD1 values by sector and economic activity Industrial sector Services Financial sector as of 1 January % 22% % 46% 5 5 Values by economic activity Financial sector Utility sector Transport Telecommunications Construction and real estate Retail and wholesale Manufacturing Other activities 9% 5% 6% 6% 1% 12% 19% 13% 19% 23% 1 9% 6% 5% 6% 6% 4% 9% 5% 13% 11% 12% 1% 9% 1 19% 1% 13% 1 16% 16% 14% 3 16% 35% 1 22% % 14% Number of companies by economic activity Financial sector Utility sector Transport Telecommunications Construction and real estate Retail and wholesale Manufacturing Other activities GILD1 13 GILD IB OÜ, 13. All rights reserved.

9 GILD1 value change by economic activity as of January 1st Financials 84-16% % 65% -36% 4% Utility sector % 23% -9% % -24% % -51% Transport % % Telecommunications % 2-11% - -2% Construction and real estate -23% % 26% 51% Retail and wholesale 88-12% % -19% 23% 3% Manufacturing % 11% -3% 69-35% 66 54% -5% 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. 9 GILD1 13 GILD IB OÜ, 13. All rights reserved.

10 GILD1 vs Stoxx 6 Composition, GILD1 sector split by value Services Transport 19% Manufacturing 1 Gambling 2% 16% Utility sector Financials 3% Food and drinks production 6% Telecommunications Retail and wholesale Stoxx 6 sector split by value Industries not present in the GILD1 Services 4% Manufacturing 46% 9% Gambling,1% 1% 5% 5%,4% 9% Financials Transport Utility sector Telecommunications Retail and wholesale Food and drinks production By comparing the compositions of GILD1 and Stoxx 6, it is evident that the Estonian economy differs in a substantial manner from the Western European economy. A strong outlier is the transport industry s share of value in the GILD1 compared to Stoxx 6, which can be seen as an indication to Estonia s comparative advantage in transport. Furthermore, it is worthwhile to note that major components of the GILD1 are companies, which target the domestic market, especially the utility, telecommunications and financial sector. Therefore it is imaginable that this sets certain boundaries to the wealth growth prospects of the Estonian society. 1 GILD1 13 GILD IB OÜ, 13. All rights reserved.