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 andmarket references.
Revenue Strength
Assesses revenue scale, durability, and diversification, prioritising consistency and quality of income.
Liquidity Visibility
Evaluates evidence of liquidity pathways, secondary activity, and alignment with public-market expectations
Governance Maturity
Reviews board structure, audit discipline, reporting cadence, and governance controls
Strategic Expansion
Assesses cross-border footprint, defensibility, partnerships, and category leadership.
Market Signal & Narrative
Measures institutional attention and credibility signals across investors, partners, and market infrastructure.
How the Framework Comes Together
The AT50 Index blends six pillars into a composite score and is reviewed quarterly under independent governance oversight. Weightings are stable by default and are only adjusted through formal governance review.
Pillar Weighting
- Valuation Momentum25%
Direction and quality of valuation signals vs. peers.
- Revenue Strength20%
Scale, durability, and diversification of revenue.
- Liquidity Visibility20%
Evidence of credible liquidity pathways and market alignment.
- Governance Maturity10%
Audit, board structure, reporting discipline, compliance.
- Strategic Expansion10%
Cross-border scale, defensibility, partnerships.
- Market Signal & Narrative15%
Institutional engagement and visibility signals.
Framework weights are overseen through the AT50 governance process. Full technical documentation is available to institutional subscribers.
Quarterly Review Cycle
- 1Data Collection
Public disclosures, verified company submissions, and independent research are consolidated and normalised.
- 2Governance Review
The Governance Council oversees methodology adherence, verification standards, and inclusion decisions.
- 3Review Validation
Signals are tested for consistency against the framework, with exceptions documented.
- 4Publication & Notes
Quarterly updates are published with methodology notes. AT50 is a benchmark, not an investable product.
Score Bands
Scores reflect relative readiness signals and are reviewed quarterly
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