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"underestimation of" is correct and can be used in written English.
It is used to describe the act of underestimating something or someone, meaning to underestimate their value, importance, or abilities. Example: The team's underestimation of their opponents ultimately led to their defeat in the championship game.
Exact(60)
That could result in an underestimation of the effect.
This was a monumental underestimation of its potential impact.
"It shows an almost systematic underestimation of values and an overestimation of costs," he says.
Be proactive in this because stigmatisation and discrimination can lead to underestimation of capabilities.
This seems to me a total underestimation of the potential for automating road transport.
According to the intelligence agencies, this is a huge underestimation of the numbers involved.
The hack: underest-him-ation Use any underestimation of your talent to your gain.
The underestimation of Corbyn by the media in this byelection is, however, a running theme.
There should be a word that means "the fatal underestimation of another's honesty".
The first issue was the spectacular underestimation of the numbers likely to move here.
John McWhorter discusses Louis Armstrong's unchanging musical style, the controversy over his public persona, and the underestimation of his genius.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com