Waves has very good fundamentals and I agree that it is heavily undervalued at the moment. I think that their marketing has failed big time when compering with some other projects. It seems that hype is making a big part of market evaluation and Waves just doesn't get any. Furthermore, they don't have a charismatic figure like Vitalik for ETH.
Nevertheless, as I already said I like their fundamentals and will probably invest more in the project. They should be good long term investment but don't count on quick profit.
I'm not talking about profits, but about convenience and the idea of decentralization!
Convenience and idea of decentralization relate to the price and profit one makes in one way or the other. The more convenient and decentralized the platform is, the more will be its price in the future. Also, another such factor is utility in the market. Its not just the technology and idea that keeps a project growing, there are also other factors such as popularity in the market, its capability to attract the investors and some others. But, I agree that WAVES is far better platform than ETH and is undervalued because it isnt popular among people and also not available on many exchanges.