METHODOLOGY

PUBLIC METHODOLOGY SUMMARY

AT50 Index Methodology

A transparent framework for assessing listing readiness and market visibility across Africa's leading private technology companies. This page provides a high-level overview. The full technical framework, scoring triggers, and verification rules are available to institutional subscribers.

Valuation Momentum

Measures the strength and direction of valuation signals over time, relative to peers and market references.

25%

Revenue Strength

Assesses revenue scale, durability, and diversification, prioritising consistency and quality of income.

20%

Liquidity Visibility

Evaluates evidence of liquidity pathways, secondary activity, and alignment with public-market expectations.

20%

Governance Maturity

Reviews board structure, audit discipline, reporting cadence, and governance controls.

10%

Strategic Expansion

Assesses cross-border footprint, defensibility, partnerships, and category leadership.

10%

Market Signal & Narrative

Measures institutional attention and credibility signals across investors, partners, and market infrastructure.

15%

How the Framework Comes Together

The AT50 Index blends six pillars into a composite score and is reviewed quarterly under external governance oversight. Weightings are stable by default and are only adjusted through formal governance review.

Pillar Weighting

Valuation Momentum25%
Revenue Strength20%
Liquidity Visibility20%
Governance Maturity10%
Strategic Expansion10%
Market Signal & Narrative15%

Framework weights are overseen through the AT50 governance process. Full technical documentation is available to institutional subscribers.

Quarterly Review Cycle

  1. 1
    Data Collection

    Public disclosures, verified company submissions, and third-party research are consolidated and normalised.

  2. 2
    Governance Review

    The Governance Council oversees methodology adherence, verification standards, and inclusion decisions.

  3. 3
    Review Validation

    Signals are tested for consistency against the framework, with exceptions documented.

  4. 4
    Publication & Notes

    Quarterly updates are published with methodology notes. AT50 is a benchmark, not an investable product.

Learn about governance oversight

Score Bands

Scores reflect relative readiness signals and are reviewed quarterly.

4.0 – 5.0Advanced readiness signals
3.0 – 3.9Progressing toward readiness
2.0 – 2.9Early readiness development

Data Sources

AT50 Index combines multiple inputs to improve accuracy and comparability:

Company Submissions
Verified information provided directly through the reporting portal.
Public Disclosures
Regulatory filings, audited statements, and credible public announcements.
Third-Party Research
Independent databases and reputable ecosystem reporting.

Where audited revenue is not publicly available, AT50 may use analyst estimates pending verification. Constituents are subject to change at quarterly review.

Review Process

Quarterly evaluation cycle

  1. 1. Data Collection: Quarterly updates from public sources, verified submissions, and third-party research.
  2. 2. Committee Review: External governance council evaluates scoring, methodology updates, and inclusion decisions.
  3. 3. Publication: Index updated with methodology notes and company-level insights.
Important Notice: AT50 Index is a benchmark, it is not an investable product and does not constitute investment advice.

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Movers
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