The value of companies listed in TOP 30 of Baltic`s most valuable enterprises is based on enterprise value, i.e., value of the company’s future money flow collectively to all of the company’s finance providers (shareholders/members and financial creditors). The exception is financial services providers (e.g. banks and insurance companies). Their evaluation reflects the company’s equity value, as due to the specific features of the financial sector, it is not possible to objectively provide enterprise value that is comparable with other TOP 30 participants.

It is important to separate enterprise value from equity value. Enterprise value is the total company value (the market value of common equity and debt) minus cash.

Each company's enterprise value (for financial services providers, their equity value) is determined using the comparable trading multiples method (the market approach). In addition the company’s openness, transparency, governance is evaluated based on publicly available information. The impact of such assessment is up to 20%. This evaluation is carried out by Nasdaq Baltic offices in Vilnius, Riga and Tallinn. The following factors related to the company’s corporate governance are evaluated:

• diversity, or whether both genders are represented on the Supervisory and Management Board; the presence of independent Supervisory Board members and clear declaration of their independence; the availability of Supervisory and Management Board work experience on the company's webpage; ability to identify majority shareholders;
• financial information disclosed by the company, information on the most important risks and their governance;
• disclosure of key internal policies, presence of corporate governance and sustainability reports on the company’s webpage, information about company’s strategic goals.

The choice of this method is motivated by the following considerations:

• it is simple;
• it uses market data and publicly available annual reports and does not rely on subjective inputs;
• it permits an indicative assessment of the company relatively quickly; and
• it can be used even if the publicly available information is relatively limited.

The financial analysis is performed by CONFIDENTUS and Prudentia and the publicly available information on the company’s corporate governance and transparency is assessed by Nasdaq Baltic offices professionals.

The exception is publicly listed companies, whose enterprise value is based on the company’s value on the stock exchange as of 30.06.