underestimate

/'ʌndər'estimeit/
Noun
  1. an estimation that is too low; an estimate that is less than the true or actual value
Verb
  1. make too low an estimate of
    • he underestimated the work that went into the renovation
    • Don't underestimate the danger of such a raft trip on this river
  2. make a deliberately low estimate
    • The construction company wanted the contract badly and lowballed
  3. assign too low a value to
    • Don't underestimate the value of this heirloom-you may sell it at a good price

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underestimate
The team's underestimate of the project's complexity led to delays.