Vycid it's good for us to hear opinions from all sides, but seriously:
The reality is that most people that own AM shares are very optimistic about the company.
You don't know that. Maybe some are very optimistic. But
most? You claim that is the reality. Most are probably cautiously optimistic, but then I'd be just guessing. But so what? It's probably true in as much as shareholders of any company are cautiously optimistic about that company. It's hardly a reason to sell out. It's certainly not proof that the share's are overpriced which is what you are implying, in the context of your post.
So those huge dividends have, to a large degree, been rolled back into the company rather than being invested in other ventures. This artificially inflates share prices.
Generating 'huge' divs is a good thing and whether the share price fully reflects that or not only time will tell. That those divs aren't being reinvested in other ventures is not a bad thing in and of itself, that would depend on the particular venture. It's certainly a pretty long bow to draw to say that since FC hasn't made such investments the share price is artificially inflated, in fact you could easily come to the opposite conclusion.
As the margins on hardware decrease and cause the dividends to shrink
It's not that simple. There's more to divs than hardware sales. There are other revenue streams. Also, you have to factor in volume of hardware sales not simply margin.
(this will happen - in fact, it already has happened to some extent),
I don't know where you're seeing that or over what time frame, but I suspect you're cherry picking some data to validate your position.
that upward pressure on the share price will dissipate, and there will be a price adjustment.
You hope. Hope based on logical analysis? Mmm, don't know if I see that.
And that doesn't even consider any adjustment due to the fact that the company is less profitable in the first place.
Huh? Say what? Less profitable than what?
No offense Vycid, but if you think you are starting to sound a little bit, erm, extreme, in defense of your short position. And a serious question, do you really think the APR should be back in the 40% to 50% range?