1812, "to estimate at too low an amount," from under + estimate (v.). Meaning "to rank too low, undervalue" is recorded from 1850. Related: Underestimated; underestimating.
Don't underestimate the value of this heirloom-you may sell it at a good price
Don't underestimate the danger of such a raft trip on this river
he underestimated the work that went into the renovation
underdog
underdone
underdressed
under-employed
under-employment
underestimate
underexposed
underfeed
underfoot
undergarment
undergird