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CEZ - why not? Purchase of the portfolio

Hi!
I described yesterday, what's interesting to me fell into the portfolio.
I wrote that the company was selected as one of the three, the others being CEZ and WDMSA.
Today I wanted to write, why not choose the above.
First

CEZ

and what I did not like it or like it less than if purchased Kernel: Long-term

• ROE of less than 20% ( Kernel had better) by the DCF method, perhaps in the short term the company will show something spectacular, but I adjusted to the longer term (after 4 years of beginning to understand what it means to "buy a wonderful company and stick with it as long as possible "). If someone wants to speculate in the short term, it is good to read APP funds , feel completely different rules prevail when it comes to investing .
  
• Comparative analysis energy sector showed that compared with the average sector CEZ is overvalued , moreover, in relation to the WIG is not funny with this company. I'm not going to overpay, because the company is not in my opinion, until such a wonderful.
• Indicators sales and profitability increases fairly evenly, which led to my interest in this company, unfortunately
  
• debt - my horse and merciless selection tool. CEZ has a lot of debt, which further increases. If it fell, it przymknąłbym eye, but unfortunately, the debt ratio of general about 60% and long-term at 71% of the upward trend worries me. All shown in RSG debt ratios worse than the energy sector. This company does not cancel, I'll look soon on whether to allow a greater debt than the industry does not result in even greater gains than the average sector.
• Liquidity ratios - another beam in the eye. All tend to fall, and working capital on the market is negative! Comparison of the average sector also overlooks the minus. Unambiguous warning.
• activity indicators - does not want to dwell on, generally the next bubble.

Techniques for CEZ -and did not check too much, threw just look at the candles, but no longer held out any conclusions.
So far, this company is deleted, see what it will continue because they do not admit it jesto on my permanent list of observation.
Regards.