Cash flow , assets , and franking credits

Hi Guys
being doing so me research to see if this market correct creates cheaper prices whether to buy more

I have concluded I will for the following reasons
1 net asset discount with one of the youngest fleets in the world. One of the categories of vessels they own hasn’t had a new ship built globally for 7.5 years
2. Due to deprecation and historical losses there will be no tax paid on earnings for many years thus enhancing free cash flow
3. Company has bank imposed restrictions on paying dividends while gross debt is above 3.5 X ebii . There debt could easily be bought below this if they used more cash to reduce debt but even if cash is maintained asset sales will get them below this threshold comfortably as will cash flow
4 when dividends to recommence, they can use significant retaifor ned profits ( franking credits ) to pay fully franked dividends making best use of their elevated cash flow
5 thematic or higher oil prices and wind farm work and easing of restrictions globally position company very well over next few years