Catalyst Sample Clauses

Catalyst. Catalyst is a component of the Fuel Cell that helps to initiate and maintain the electrochemical reaction needed to generate electricity. Catalyst is typically precious metals-based but may consist of other low cost materials.
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Catalyst. We serve as a catalyst to promote the sustainability of effective programs for young children and their families.
Catalyst. The Catalyst; and
Catalyst. Introduction The ammonia conversion catalyst used in the nitric acid plant is a pad consisting of multiple layers of woven platinum gauze. When a “getter” gauze is utilized, additional sheets of gauze containing Pd or other noble metals are added. Pt and Rh are captured on these layers while additional Pd is preferentially lost. Special proprietary gauze support packs may also be used. These special support packs may permit lower catalyst loadings to be used.
Catalyst. Licensor will guarantee a continuous supply of Rentech Catalyst to Licensee for the Rentech Plant designed, constructed and operated by Licensee pursuant to this Agreement, and Licensee will purchase and pay for the Rentech Catalyst. Licensor and ITN shall at the appropriate time develop, design, construct and operate a Rentech Catalyst manufacturing plant in the Union of India. If Licensor, for any reason, is unable to supply Rentech Catalyst to Licensee, Licensee shall have the exclusive right to design, develop and construct a catalyst manufacturing plant in the Licensee's territory to be financed, owned and operated by Licensee for the production of Rentech Catalyst for use only in Rentech Plants located in the Licensed Territory and other Rentech Plants constructed under license contracts developed by ITN. 5.
Catalyst. Sellers and Principals hereby acknowledge that the ownership of the catalyst component of the Airocide products has been transferred from JJS to the Purchaser pursuant to the terms of this Agreement. Neither Sellers nor Principals shall disclose to any third party any information regarding the catalyst, including its ingredients or how it is manufactured or how it is used.
Catalyst. Any catalyst or promoter used in the production of Acetic Acid in the Unit as of the time of determination.
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Catalyst. The guaranteed performances shown hereafter are established for the use of the appropriate amount of STR 111 catalyst sold by LICENSOR.
Catalyst. Without the consent of Buyer, Catalyst shall not invest in any Person that is a client of Buyer, any subsidiary of Buyer, the Company or the Subsidiaries, unless Catalyst made its initial investment in such Person prior to the Closing Date. The Designated Principals shall not establish an investment fund similar to Catalyst without prior consultation with Buyer and in any event any such fund shall be subject to the investment restrictions described in the foregoing sentence for so long as any Designated Principal maintains an equity interest in such fund. On or prior to the Closing Date, the Designated Principals shall take such action as is required to terminate all benefits payable under the Company's benefit plans to employees of Catalyst without any cost, expense, liability or obligation to the Company.
Catalyst. ⚫ We continue to see a number of upcoming catalysts for the company in the short to medium term, we outline key catalysts we anticipate over the next CY below: Key Catalyst CY’2021 CY’2022 Significance / Impact Dec’Q Mar’Q Jun’Q Sep’Q Dec’Q PromarkerD Further Licensing Deals Drive global uptake and future revenues First Sales Drive revenue Regulatory Updates (FDA/Other) Build user confidence in product and assist in second phase of test rollout / Assist regional roll-out of test US Reimbursement Code Secures payer approval and market demand Promarker™ Endometriosis Update New first-in-class diagnostic test/validates pipeline Giardia Update Potential proof of concept results Analytical Services New contracts Off-set cash burn & engage potential future partners Source: EHL assumptions ⚫ We note there are additional catalysts around overall pipeline program updates, conference presentations, amongst other things ⚫ We anticipate PIQ will trade up upon successfully achieving these catalysts, potentially substantially with some. Valuation and Price Target We maintain our Speculative Buy recommendation with an upgraded $1.90/sh. Price Target ⚫ We have upgraded our Valuation and Price Target to $1.90/sh. from $1.75/sh. as a result of upgrading our forecasts ⚫ This Price Target per our analysis requires PIQ achieving the level of commercial adoption we forecast. The factors and risks surrounding these assumptions further drive our Speculative Buy recommendation ⚫ Our valuation summary is shown below: Valuation Summary DCF EV A$m 194.2 (+) Net Cash (Pro-forma) A$m 5.9 Equity Value A$m 200.0 (/) SOI m 105.2 Valuation per Share A$/sh 1.90 Price Target A$/sh 1.90 Source: EHL assumptions ⚫ We further make note that our valuation does not include any potential value from any of PIQs PromarkerTM pipeline programs. We continue to view these as free options, which could realise value if commercially successful. Financial StatementsIncome Statement 2021a 2022f 2023f 2024f Performance RatiosGrowth & Margins 2021a 2022f 2023f 2024f PromarkerD Royalties 0.0 0.3 2.0 6.1 Revenue Growth -1% 1% 62% 88% Analysis Business 1.3 1.4 1.6 1.7 EBITDA Growth 79% 2% -44% -212% Other Income 1.7 1.3 1.3 1.3 EBIT Growth 63% 1% -38% -164% Total Sales 3.0 3.0 4.9 9.2 Normalized Net Profit Growth 48% -11% -38% -164% (-) COGS 0.0 -0.1 -0.4 -1.2 EBITDA margin -83% -84% -29% 17% Gross Profit 3.0 2.9 4.5 7.9 EBIT margin -96% -96% -36% 12% (-) OPEX -5.4 -5.5 -5.9 -6.4 Normalized net profit margin -109%...
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