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The phrase "based on estimates" is correct and usable in written English.
You can use the phrase to talk about an approximate value that has been calculated based on the available data. For example, "The average cost of electricity was estimated to be $220 a month based on estimates from previous years."
Exact(60)
Westfield, for one, put up $127 million in July 2001 for its retail leases based on estimates of 150,000 office workers and visitors a day.
"We plan, purchase and prepare meals based on estimates.
The statistical office often issues trade data ahead of the month's end, based on estimates.
Some of this week's figures are based on estimates; all historical figures unadjusted, unless otherwise stated.
State officials wanted refunds based on estimates of the overall overcharging that resulted from price manipulation.
All this week's figures are based on estimates; all historical figures unadjusted, unless otherwise stated.
This week's figures are based on estimates; all historical figures unadjusted, unless otherwise stated.
Sales are forecast to rise to $9.77 billion from $7.69 billion, based on estimates gathered by IBES International.
The potential growth rate is based on estimates of future productivity growth and increases in the population.
Licensed fishers there took about 1,650 tons, a quota based on estimates of what the stocks can sustain.
Based on estimates at Zillow.com, they now owe $82,000 more on the mortgage than the property is worth.
More suggestions(25)
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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