Ann: June 2022 quarterly update, page-25

It may be the markets view of the strength of the cashflows.
As the chart below show, NWL and HUB have far higher EBITDA margins and hence cashflow.

I will have a look at the margin each make on the FUA to see how they compare. The industry FUA margin has been in decline as competition increases.Clearly PPS would be an economically attractive acquisition for either HUB for NWL.

I suspect that now that PPS has ditched OS and committed to a regular dividend that must mean they see higher profits on a consistent basis and hence as on other poster observed, being a dividend payer places the stock in a different market league.

That may also explain the valuation gap...but that is the opportunity. I will continue to accumulate.