The component of the value of an option which relates to the gain - if any - which could be earned by immediate exercise of the option, and assuming immediate exercise to be possible.
For a call option this is the excess - if any - of the underlying asset price over the strike price.
For a put option it is the excess - if any - of the strike price over the underlying asset price.
The value of any financial asset determined by reference to the present value of its expected net future cash flows.
More generally, the value of any asset determined by reference to its particular fundamental characteristics, rather than by reference to current market prices.