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The phrase "conservative estimate of" is correct and usable in written English
It is typically used when providing a cautious or lower-bound approximation of a value or quantity. Example: "The conservative estimate of the project's cost is around $50,000, accounting for potential unforeseen expenses."
Exact(60)
A conservative estimate of lost tourism dollars in the first two weeks afterward was $163.7 million.
An extremely conservative estimate of Moscow's drug injectors puts the number at 240,000.
The thinktank says the figure is a conservative estimate of the short-run trade effect.
Even at the hugely conservative estimate of $1000 per machine, that's $20 million just to start.
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.
Thus, a reasonably conservative estimate of sustainable yield would be 10% of the net recharge.
Omitting these cases for the above calculations produces a more conservative estimate of the sensitivity.
This sampling strategy was used to produce a conservative estimate of EvoGrader performance.
Even at a conservative estimate of 20 grams a plant, you're laughing.
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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