Redox Ltd

RDX: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Redox: Passes the Acid Test; Initiating on Undervalued Chemical Distributor

Esther Holloway

Jan 20, 2025

We initiate coverage on no-moat Redox with a fair value estimate of AUD 4.80 per share and a Medium Uncertainty Rating. Trading at a 14% discount to our fair value estimate, we think the market underestimates the firm’s growth opportunities as the largest distributor of chemicals in Australia, serving about 200 industry subsectors.

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Redox Ltd

Redox: Passes the Acid Test; Initiating on Undervalued Chemical Distributor

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