Goldman Sachs
May 11, 2026
Cenomi Centers 1Q26 Earnings Call Takeaways
Single Stock ReportEquitiesReal EstateReal Estate
Cenomi Centers reiterated its medium-term growth guidance despite a 2026 capex hike and project delays at Westfield Riyadh and Jeddah. Goldman Sachs maintains a Neutral rating with a price target of SR19.7.
Key Takeaways
- 1.Management reiterated a revenue CAGR guidance of 14-16% and EBITDA CAGR of 16-18% for 2025-28, supported by centralized shared services.
- 2.Capex for 2026 was revised upward to SR2.9bn from SR1.1bn, primarily due to fit-out costs for Westfield Riyadh and Jeddah malls.
- 3.The company expects leverage to peak in 2025 at 10.2x Net Debt/EBITDA, declining to 7.7x by 2028 as new projects become operational.
Table of Contents
- Guidance
- Revenue
- Operational Highlights
- Project updates
- Land leases
- ECL charge
- Dividend
- Lawsuit from owner of Mall of Dhahran
- Disclosure Appendix
- GS Factor Profile
- M&A Rank
- Quantum
- Disclosures
- Company-specific regulatory disclosures
- Price target and rating history chart(s)
- Target price history table(s)
- Regulatory disclosures
- Ratings, coverage universe and related definitions
- Global product; distributing entities
- General disclosures
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Authors
Harsh MehtaAmit MamtaniVaishnavi Gupta
Securities
Cenomi Centers
Themes
De-leveraging through Asset CompletionStrategic Capex Expansion
Regions
Middle EastSaudi Arabia