Not really. Arbitrage opportunities typically occur when the risk and opportunity can be defined such as spread and liquidity across exchanges or contracts, eur

Not really. Arbitrage opportunities typically occur when the risk and opportunity can be defined such as spread and liquidity across exchanges or contracts, euro denominated vs USD denominated assets, etc. intrinsic value is much more subjective. Yet, there are times where stocks might drift above or below their intrinsic value significantly. For instance, many CPG companies have become bond proxies due to rates, where the price only makes sense with a 3-4% discount rate.