  We consider the luminous blue variable (LBV) star V532 in M33, also known as
Romano's star, in two different spectral states: in the optical minimum of
2007/2008 and during a local brightening in 2005. Optical spectra of low and
moderate resolution are modelled using the non-LTE model atmosphere code
CMFGEN. All the observed properties of the object in the minimum are well
described by a late nitrogen-sequence Wolf-Rayet (WN) star model with
relatively high hydrogen abundance (H/He=1.9), while the spectrum during the
outburst corresponds to the spectral class WN11 and is similar to the spectrum
of P Cyg. The atmosphere is enriched in nitrogen by about a factor of 6 in both
states. Most of the heavy element abundances are consistent with the chemical
composition of M33. Bolometric luminosity is shown to vary between the two
states by a factor of ~1.5. This makes V532 another example of an LBV that
shows variations in its bolometric luminosity during an outburst.
