Intel is forcasting a couple % growth for 2013. They have a target of 40% payout and ended 2012 at 39% (I think that is what the year ended up at) so they ended near their target.
I could see them stuck at 22.5 cents for a couple quarters. Cash flow takes a jump when INTC brings a new process online. I think the longest at 22.5 cents would be Q2/2013. The miniumum would probably be Nov. if economy picks up.
Agree, no payout increase, CAPEX will suck up the cash flow and incremental earnings growth, nothing in 2013 ... I do expect a surprise, like some deal with Samsung or Apple or 3rd Party manufactring at some of their older Founderies ... I see the share price going sideways around this level for some time ... up and down +/- a buck