underestimate

To estimate too low; to perceive (someone or something) as having a lower value, quantity, worth, etc., than what he/she/it actually has.

It recalls the business case for Scotland's reopening of the Borders Railway to Tweedbank, that British Rail closed in 1969. The review says the business case for this was at best borderline, but goes on to say that the case greatly underestimated passenger demand and that the railway Scotland built has capped its capacity.

To perceive or expect (someone or something) to be less significant or difficult than it actually is.

I totally underestimated the task.

My point, therefore, in beginning with what everyone knows are the two main views of Othello (and hence Othello) is not to adjudicate between them, nor to dismiss both, nor to fence-sit, but to suggest that each answers to something important in the play – which also means that each underestimates something important as well.

An estimate that is too low.