Houjichasan

Just because a stock is priced in the market lower than its calculated intrinsic value does not mean that positive alpha will be generated.

In fact the stock may never price at its intrinsic value.

The difficult part of being an analyst is not calculating whether a stock is priced below its intrinsic value, it's determining if the stock will ever really reach that value and how long until it does.

Even though a stock may trade below its intrinsic value the price may increase, decrease or stay the same.

Remember the famous quote:
"The markets can stay irrational much longer than you can stay solvent."
That is the true take-away here.