Let's say you have $10K to spend.$10K will buy you 263,157 CTPO...

Let's say you have $10K to spend.
$10K will buy you 263,157 CTPO at 0.038
$10K will buy you 80,000 CTP at 0.125

Price goes to 30 cents

CTPO @263,157 converts to CTP worth $36842 (inc 0.16 exercise price)
CTP @ 80K is worth $24K

So CTPO offers 150% better return based on that scenario.

But there are many possible scenarios.

And there is still risk.

So, unless you have some extraordinarily good assumptions about the risk matrixes, and are capable of doing some very good multivariate analysis, then it's all a bit of an abstraction to say that CTPO is undervalued compared to CTP. It really depends on whether you are optimistic or not about the short-term position of CTP generally.