Not exactly valued (9)

I believe the answer is:

estimated

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'not exactly valued' is the definition.
The definition and answer can be both related to thinking as well as being past participle verbs.
Maybe they are linked in a way I don't understand?

This is the entire clue.

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(Other definitions for estimated that I've seen before include "Calculated approximately" , "Calculated roughly" , "Worked out" , "Rough" , "Approximated, reckoned" .)

I've seen this clue in The Globe and Mail.

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