SCX' normal OI margin is 5.5%, based upon its 15 year trailing average. Given the massive OI% step-down since 1999, it's likely this number is conservative. Average OI margin pre 2000 is ~10%. Anyways, with a normal OI margin of 5.5% this gives SCX normal EBITDA of $21.5 MM. At 6.0x EV/EBITDA that's an EV of $129.2 MM. Cash of $28.5 MM and debt of $18.0 MM gives equity of $139 MM or $21 per share.
If normal OI margin is more like 8% then SCX equity is worth more like $26 per share
Yes, yes, the "Chinese" have hurt SCX, but that's the point. SCX has the brand, the technology, the product line, the marketing and distribution. What hurt them was mfg cost structure, and that is resolving itself as they shift sourcing overseas