• noun:   an estimation that is too low; an estimate that is less than the true or actual value
• verb:   make too low an estimate of

  Example: "He underestimated the work that went into the renovation"

• verb:   make a deliberately low estimate
• verb:   assign too low a value to

  Example: "Don't underestimate the value of this heirlooom-you may sell it at a good price"

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