If you read the recent analysis, you have seen that 4 options were mentioned.
1) pay dividend.
2) buy own shares.
3) accelerate the repayment of the debt.
4) buy new royalties.
We discussed already about the 1 and 2. For new royalties, I don't think should be done before full payment.
Let's speak about the debt.
- We know that when the debt is fully paid, the % will increase to 11,3.
- The interest is 5,05% yearly. (4 millions this year)
- In the article they mentioned a tax holiday until 2027.
In January, a repay of 15 millions has been done. Knowing the increase of price, we can agreed that 30 millions is guaranteed.
If the cash is totally used to repay:
2021: 81 - 30 = 51
2022: 53,57 - 30 = 23,7
2023: 24,76 - 30 = - 5,24
In the last analysis, they consider that thanks to the tax holidays, in 2026, there is more than 10 additional millions. If it's fully paid in 2023, the 2026 year will be tripled providing and additional cash flow of 55 millions.
In conclusion, I think would be the more interesting. And you?