Pickup points as investment assets: financial analysis of Wildberries auction listings

the objective of this study is to develop an approach for assessing the investment attractiveness of Wildberries pickup points (PVPs) offered for sale through the marketplace’s auction platform, using a limited set of available data. Methods: The study employs a simplified income-based financial model, including calculations of net profit, present value (PV) using the Gordon growth model, net present value (NPV), and profitability index (PI). The methodology is applied to a sample of 52 PVP auction listings located in Moscow. Findings: The results reveal significant deviations of PI values from theoretically expected levels (ranging from -11.64 to 26.14), indicating potential market inefficiencies such as information asymmetry, low liquidity, and inconsistent pricing practices. A strong positive correlation between turnover and net profit is observed, reflecting the impact of business scale on profitability. The distribution of PI deviates from normality, as confirmed by the Shapiro – Wilk test. Conclusions: The proposed model can serve as an effective preliminary screening tool for investors, allowing the identification of clearly unprofitable assets and prioritization of due diligence efforts on the most promising listings. Its practical application lies in reducing transaction costs and enhancing the efficiency of investment decision-making in the emerging market of ready-to-operate small businesses.

Wildberries, auction, investment attractiveness, financial model, business valuation, NPV, PI, market inefficiencies