I agree with the comments already posted, but undervalued is also used frequently in English. Undervalued means something is not recognized for the value that is has or should have.

Here's an example: Teachers are often undervalued in our society.  

There are some set expressions that use underestimate.

Example: Never underestimate the power of a determined person. (Here it would sound awkward to use undervalue).

Undervalue is used a lot in financial terminology, especially when talking about stock.

Underestimate is probably more common in everyday conversation. 

I would use "to not value" instead of "undervalue".

Example: I can't believe he only charges $15 per hour for singing lessons. He should value himself more and charge more.

Value is used to talk about worth. 

Estimation is more like a prediction.

Example: I underestimated how hard it would be to learn a foreign language. (Again, here it would sound strange to use undervalue). 

I hope this helps :)