Re: DM BZBK

WESTA ISIC RECOMMENDATION
CURRENT PRICE: PLN 0.88
TARGET PRICE: N.A. (PREV. PLN 5.40)

UNDER REVIEW (PREV. BUY)
Another quarter of weak results CURRENT PRICE: PLN 0.88
TARGET PRICE: N.A. (PREV. PLN 5.40)
_ 2Q’12 Results Preview. We expect yet another weak set
of results on the back of low season, warm winter and
falling lead prices. Having assumed 0.7m volumes, we
have arrived at USD 20m of sales, EBITDA at USD 2.5m,
EBIT at USD 0.5m and net profit at USD -6m. Outcome:
NEGATIVE.
_ Change in Valuation & Recommendation. Since the
beginning of the year, the company has stopped issuing
volumes updates. Moreover, as Westa’s results
deteriorated significantly last year and its 1H’12 results will
be well below expectations, liquidity issues should be taken
into account. As we are currently unable to provide timely
and precise information on Westa’s financial situation, we
have decided to put the company on our Under Review list
as of today.

PODPIS

DMBZWBK