Intier Automotive Inc. - Deutsche Banc Alex. Brown's Ken Blaschke Initiates Research Coverage

    NEW YORK, Aug. 27 Deutsche Banc Alex. Brown analyst Ken
Blaschke initiated coverage on shares of automotive interior supplier Intier
Automotive Inc. ($) with an investment rating of BUY and a
12-month price target of $17.50.
    According to Blaschke, the automotive interiors market should grow at
three times the rate of growth in vehicle production over the next ten years,
or a 9% compound annual growth rate, due to increased outsourcing from the
automakers.  "These companies have been able to deliver more innovative and
cost effective solutions to meet consumer demands and help OEMs provide the
features that consumers want in the vehicle interiors," said Blaschke.
"Automotive assemblers have only outsourced $52 billion out of the estimated
$140 billion global automotive interiors market and recently, vehicle
manufacturers, led by GM, appear to be accelerating outsourcing of automotive
interiors."
    In addition to the strong expected growth in the vehicle interiors market,
Blaschke expects Intier to benefit from the trend toward increased content per
vehicle (CPV).  He notes that Intier's North American CPV increased 36%
year-over-year in 2Q01, which supports his industry-leading top-line organic
growth outlook for the company of 14%.  Intier also has one of the healthiest
balance sheets in the automotive supplier universe with only 5% debt-to-market
capitalization.
    "Long term, the Intier story centers on realizing the company's revenue
growth potential and improving its operating margin to the interior supplier
average," said Blaschke.  "Intier's strong 2Q results help provide increased
confidence that Intier can realize higher profitability."
    Deutsche Banc Alex. Brown represents the Investment Banking activities of
Deutsche Banc Alex. Brown Inc. (US) and Deutsche Bank Securities Ltd.
(Canada). Deutsche Banc Alex. Brown and Deutsche Bank Securities Ltd. are
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highly skilled professionals.

    Intier Automotive Inc. stock is optionable.
    There is a convertible issue outstanding on Intier Automotive Inc.

    Information herein is believed to be reliable and has been obtained from
sources believed to be reliable, but its accuracy and completeness cannot be
guaranteed.  Opinions, estimates, and projections constitute our judgement and
are subject to change without notice.  This publication is provided to you for
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