** Morningstar initiates coverage on Redox with a fair value estimate of A$4.8, a 14.8% premium to stock's last close on Monday
** Investment research firm rates Redox with "medium" uncertainty
** Redox is a chemical distributor for various industries, including personal care and construction
** Morningstar says the market underestimates the firm's growth opportunities as the largest distributor of chemicals in Australia, serving about 200 subsectors
** Says Redox expected to produce economic profits or return on invested capital above the cost of capital over Morningstar's 10-year forecast period
** Adds co benefits from taking share in a fragmented chemicals market, occurring as other businesses shrink or exit, or with new customers from acquisitions
** Stock has fallen 8.3% so far this year as of last close
(Reporting by Nikita Maria Jino in Bengaluru)
((Nikita.Jino@thomsonreuters.com;))
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