To have too little regard or esteem for.
To reduce to the smallest possible amount, extent, size, or degree.
To make (a quantity) smaller.
To minimize the significance of; play down:
To state in exaggerated terms.
Find another word for understate. In this page you can discover 8 synonyms, antonyms, idiomatic expressions, and related words for understate, like: undervalue, minimize, lessen, decrease, underestimate, minimise, downplay and overstate.