Oops! I did it again B0#0cl<$. There’s a mistake in Airea’s liquidation value worksheet (published last week). The equation for adjusted net assets only deducted current liabilities, when it should deduct all liabilities. It’s all very well blaming misbehaving formulae but I type them in, so I’m sorry about that.
The table of Hidden Champions dated 1 April contained companies that had reported more than four months ago as well as companies that had reported more recently. Since I want to make sure I’m looking at fairly recent figures only the most recent companies should have been included.