It's difficult to give an accurate figure of true value. There are some complex models of valuation that are used by professional analysts, but when all is said and done sometimes a simple approach works best. I'm not sure where Graham used 10*EPS, although he did mention in The Intelligent Investor an intrinsic value calculation of EPS x (8.5 + (2 x Expected Annual Growth Rate)). Here on the Graham Investor Intrinsic Value screen we use this formula, modified slightly to account for current Bond Yields.

As for INTC. I could not tell you with any conviction whether it is over or undervalued. That said, I'm a keen believer that a low P/E and a low PEG are good signs. INTC has a P/E of 20.64 which seems low for a Technology company, but on the other hand Intel is fairly mature. The PEG value is 1.25 which is by no means high, but I personally prefer PEG values well below 1.

I do, however like the fact that Intel is pretty cash-rich and has significant cash-flow.