MONEYWEB app instead? Company valuations: Why first principles matter most âThe more variables going into a valuation, the more chance there is that that the outcome is actually rubbishâ: Keith McLachlan, Integral Asset Management. 09:22 SIMON BROWN: I’m chatting with Keith McLachlan. He’s an investment officer at Integral Asset Management. Keith, I appreciate the early morning. You wrote a piece for Moneyweb on Purple Capital last week; it came out maybe early this week. One of the comments in the chat was from someone saying you’d referred to it as âa matchbox calculationâ, not an in-depth discounted cashflow or anything. The comment was that matchbox calculations often beat in-depth, simply because fewer inputs mean fewer things can go wrong.Â