Book Value: $3.72 (Total Shareholder's equity/number of shares)

We know...Market doesn't follow any logic. Finally the super overvalued stocks are starting fo fall . Anyway, there are very few stocks which are quite undervalued. Benjamin Graham’s Criteria for Picking Value Stocks

VALUE CRITERIAS: Graham advised buying companies with Total Debt to Current Asset ratios of less than 1.10 - ODP Current Assets (in millions) 2,870 ODP Total Debt is 1,700. so 1700/2870 = 0.59 (Much less than 1.10)
Current Ratio (current assets divided by current liabilities) to find companies with ratios over 1.50. About OFFICE Depot Numbers: 2870/2046 = 1.40 (a bit lower than 1.50)
Invest in companies with price to earnings per share (P/E) ratios of 9.0 or less. ODP P/E is 6.8
Find companies with price to book value (P/BV) ratios less than 1.20. ODP Price (Market value) is 1,280 . Total stockholders’ equity (last quarter) is 2,120 so 1,280/2,120 = 0,6 (50% less than 1.20!)
Invest in companies that are currently paying dividends. ODP, actually, is paying dividends.

Following the Graham numbers, ODP is one of the very very few companies to be undervalued. It's undervalued by 76%
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Comment:

I ADD. The Graham number is the upper bound of the price range that a defensive investor should pay for the stock. According to the theory, any stock price below the Graham number is considered undervalued and thus worth investing in. The formula is
SQUARE ROOT of: 22.5 x (Earnings per shares 0,35) x ( Book Value per share 3,72) = $5,40 per share