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Aeroflot (AERZY) is a company where luck matters a lot - unpredictable fuel prices and currency revaluations tremendously affect the airline's expenses. Rising flight prices aren't an effective measure to offset the increase in fuel prices, and there's no clarity on possible fuel subsidies. Non-fuel operating costs growth is also a serious concern, casting a shadow on management's track record. The airline industry as a whole isn't in a good shape today, and Aeroflot is no exception here, so it would be better for investors to avoid buying the stock.