SCHS is an EBITDA less Capx story. Those numbers are still positive on a per share basis, even after interest expense. To focus on near term or even quarterly EPS is to miss the story. Now if EBITDA for the year guides to something in the high 30s that is a different issue, but that is not what the company has been saying on or since their last quarterly call.
SCHS is a two year option on it not going chapter 11 or significantly diluting equity. If you use the company's guidance of around $48 of EBITDA and use a 7x multiple and about 300m of debt, you get about where it is trading or $2 or so per share. However, they should be able to generate close to $10mm in free cash flow per share or just north of $0.5 per share. 10 x is $5 per share. The upside comes from the company generating more like $70-80mm in EBITDA in a year or two and trading at 8x that number that would yield a mid teens share price. If the company doesnt make it and needs to restructure all bets are off - that is why it trades like a $2 call option now.