Webster's English Dictionary

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underestimate

un.der.es.ti.mate \.*n-d*-'res-t*-.ma-t\ \-m*t\ \-.res-t*-'ma--sh*n\ vt 1: 
   to estimate as being less than the actual size, quantity, or number  2: to 
   place too low a value on : UNDERRATE  - un.der.es.ti.mate n