Yes it is undervalued. However the problem is that steem value is effectively halved each year as they double the volume of steem on the market. From an investors point of view its just not worth the long term. There is too much uncertainty as to whether steem will take off while at the same time the price has to double to maintain its value. The only part of the steem currency benefiting from this is steem power where the price of influence goes up. This it how i see it but i could easily be wrong.