The most valuable enterprises in the Baltics: biotechs decrowned retailers | Kristupas Kukarskas

Kristupas Kukarskas

Investment Banking Expert, Partner at Confidentus 

The most valuable enterprises in the Baltics: biotechs decrowned retailers 

Symbolically, the consequences of the coronavirus pandemic have cost retailers the crown of the most valuable company in the Baltics: last year's Vilniaus Prekyba, which had climbed to the top of the TOP 30 most valuable enterprises in the Baltics, has been pushed one step down by another Lithuania-based company, the US biotechnology subsidiary Thermo Fisher Scientific Baltics.

Thermo Fisher Scientific Baltics, which produces components for the COVID-19 vaccine, saw its value rise by as much as €1.7 billion over the year, from €4.4 billion to more than €6 billion. The closest contester, Vilniaus prekyba, saw its sales revenue rise from €5.3 billion to around €5.6 billion. Even though last year was a good year to Vilniaus prekyba, it was not enough to stay on top.

Thermo Fisher Scientific Baltics has shown impressive growth on many indicators over the year, with sales revenue rising from EUR 1.2 billion in 2020 to almost EUR 2 billion in 2021 and EBITDA profit reaching EUR 735 million last year. As Vilnius based company produces components for PCR tests and reagents for mRNA-based vaccines for COVID-19, it's impressive growth has been driven in particular by the production of and the huge demand for products related to the COVID-19 pandemic. While sales of other products not directly related to the pandemic have also grown, it will be interesting to see how Thermo Fisher Scientific Baltics gets on in 2022 as the COVID-19 threat rapidly fades.

Lithuanian companies continue to dominate the Baltic Most Valuable Companies, but their numbers are declining

The number of companies headquartered in Lithuania on the list of the most valuable companies in the Baltics has dropped from ten to eight over the year, with more Estonian companies joining the list, but Lithuanian companies continue to top the list. In addition, Lithuanian companies have the highest value of €18.7 billion this year, up from €17 billion a year ago.

The top 30 most valuable companies in the Baltics range in value from €604 million to over €6 billion, including eight companies headquartered in Lithuania. The two Lithuanian unicorns, Vinted and Nord Security, are not yet among them. The reason is simple: these companies have most of their operations outside the Baltic States and do not consolidate their activities here, which is why they are not among the leaders according to the evaluation criteria.

The list of the 30 most valuable companies in the Baltics was compiled for the second year in a row by experts from Confidentus, Nasdaq and Prudentia in Vilnius, Riga and Tallinn, following a financial analysis of Baltic companies and an assessment of public information on corporate governance.

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