The Intel management and BOD have taken a "target" to return 40% of its profits as dividend. I think that they are somewhere between 30% to 40% today, even with the anticipated Q4/2012 lowered targets.
Yahoo Analysts Estimates page shows that the analysts expect Intel to grow 11.83% per year. If that happens, then a 7% growth in dividend increases seems to be in a reasonable range. That would incorporate the analysts 11.83% growth expectation and allow for a compression of margins if they were to contract and profits grow at less than the analysts forecast 11.83%.