Mitch
You can't polish a turd.
many parts of the business are profitable
Do you have a list of those parts of the business that are profitable? CHC have refused to state which parts of the business are losing or making money during their investor briefings.
The EV of a company is basically the sum of its debts plus its cash and assets. Or what you would have to pay if you wanted to buy it and take on all its existing debt. As the author quite rightly says, that will not happen as CHC's EV is mostly debt.