1590s, "to rate as inferior in value" (to), from under + value (v.). Sense of "to estimate or esteem too low" is recorded from 1610s. Meaning "to rate at too low a monetary value" is attested from 1620s. Related: Undervalued; undervaluing.
undertaker
undertaking
undertone
undertow
underutilize
undervalue
underwater
underway
underwear
underweight
underwhelm