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"We expect companies' expenditure pressure to increase, especially for companies that are more labor-intensive," Swedbank analyst Marek Randma said. He added that at the same time it is harder to increase revenue when taking into account the small investments made in the past few years. According to Randma, Olympic Entertainment Group has considerable increased its investments and therefore its expected revenue increase is to exceed that of other companies. In addition, Tallink has announced it would increase investments, he added.

LHV Group analysts Joonas Joost and Shana Gavron added that if Tallink does not turn to bond owners also next year with a request to pay out more than half of its profits, the company's dividends will probably be smaller next year.

LHV analysts also expect Tallinna Kaubamaja to pay out less dividends as the company's dividends mostly depend on the need for funding for the planned expansion. As a result, they expect the retailer to pay 50 cents of dividends per share next year.

Tallink is to pay 8 cents per share to shareholders this year which is four times more than the 2 cents it paid last year. Tallinna Kaubamaja is to pay 52 cents, Merko Ehitus 51 cents, Tallinna Vesi 90 cents, Olympic Entertainment Group and Silvano Fashion Group 15 cents, Harju Elekter 12 cents, Nordecon 6 cents, Ekspress Grupp 5 cents and Arco Vara 1 cent per share.