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The phrase "a conservative estimate of" is correct and usable in written English.
It can be used when providing a cautious or lower-bound approximation of a value or figure, often in contexts like finance, statistics, or project planning.
Example: "Based on the available data, we can provide a conservative estimate of the project's total cost to be around $50,000."
Alternatives: "a cautious approximation of" or "a low-end estimate of".
Exact(60)
A conservative estimate of lost tourism dollars in the first two weeks afterward was $163.7 million.
The thinktank says the figure is a conservative estimate of the short-run trade effect.
The method used for finding network connections is a conservative estimate of the total connections possible.
Not including vegetated ponds is most likely a conservative estimate of the NCB.
Consequently the connections discovered in this study constitute a conservative estimate of the total possible connections.
Her team's findings thus represent a conservative estimate of the horrific impact of the opioid epidemic.
A conservative estimate of the project has been listed as $10‐million.
A conservative estimate of the difference would be 10^ 15 joules per bit.
More than 3,000 based on a conservative estimate of average text message length, according to Newbold.
Seventy percent is likely a conservative estimate of Americans with gay friends, as not everyone lists their orientation on Facebook.
A conservative estimate of minimum factor of safety is assessed to be around 1.5.
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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