One of the greatest turnaround stories in retail history is that of electronics retailer Best Buy Co Inc (NYSE:BBY).

In late 2012, Best Buy stock was left for dead by Wall Street. The company was presumed to be a natural victim of Amazon.com, Inc. (NASDAQ:AMZN). Comparable sales growth was hugely negative. Margins were compressing rapidly. Earnings were falling off a cliff.

Nothing looked good for Best Buy.

But then things started to change in 2013. Comparable sales growth started to become less negative. By 2015-16, comps turned into positive territory. And recently, comparable sales growth has taken off like a rocket ship, with a 9% gain in the most recent quarter. Meanwhile, margins bottomed in fiscal year 2014, and then started to rebound. Now, operating margins are roughly 200 basis points above where they were in 2014. Consequently, earnings skyrocketed.

And so did Best Buy stock. It has traveled from essentially $10 to $70 over the past five-plus years.

Can that same success be replicated over the next five years? Probably not. The valuation on BBY stock is more appropriate now than it was back then.

But will this stock be a winner over the next five years? Probably. Here’s why:

Strong Long-Term Outlook for Best Buy Stock

Best Buy’s turnaround has been fueled by a few operational tailwinds, almost all of which will persist into the foreseeable future.

Firstly, there has been huge growth in smart home category recently. It started with smart TVs, but now it includes smart appliances, smart speakers, smart lights, and more. Smart home product sales are soaring, but only 16% of Americans own a smart speaker. By comparison, 77% of Americans own a smartphone. Clearly, there is more room to run for this market for quite some time. Plus, product innovation in the space — say hello to smart speakers from Facebook, Inc. (NASDAQ:FB) — should help drive adoption rates higher rather quickly.

Secondly, the smart home is part of a much larger Internet-of-Things (IoT) trend. From wearables to smart watches to smart clothing, there has been an explosion in the number of IoT devices in the world. Consumers are naturally interested, but because all these devices are so “new,” they require in-store assistance — which is Best Buy’s bread and butter. Again, this explosion in the IoT market isn’t expected to slow in the foreseeable future, and neither should how much Best Buy benefits from selling IoT devices.

Video Games and Appliances Boost Best Buy Stock

Thirdly, the video game market is on fire. This is mostly due to the Switch, which is a one-time catalyst. But going forward, new augmented and virtual reality-infused video game platforms will emerge. As those revolutionary gaming platforms emerge, the video game market will benefit from multiple Switch-like boosts over the next several years.

Fourthly, the headphone market is also on fire. This is mostly due to a surge in Bluetooth headphone sales because Apple Inc.(NASDAQ:AAPL) ditched the headphone jack. That is a one-time catalyst. But with about half of consumers still owning wired headphones, this transition from wired to wireless should continue.

And finally, Best Buy is making an aggressive push into the appliance market at the perfect time. Not only is the smart home trend creating an influx of smart appliances into the market, but traditional appliance giants like Sears Holdings Corp (NASDAQ:SHLD) continue to struggle. Best Buy will keep gobbling up that market share over the next several years.

Long term, then, BBY stock has morphed into a pure-play on emerging consumer tech trends. Right now, consumer tech is red-hot. This will remain true into the foreseeable future. Consequently, BBY stock should continue to grind higher.

Bottom Line on Best Buy Stock

Valuation is a slight concern at current levels — 15-times forward earnings versus five-year average of 13.6. But a 15-times multiple is still pretty cheap in this market. Plus, consumer tech tailwinds aren’t showing any signs of slowing into the foreseeable future, so a bigger-than-average multiple makes sense.

Overall, then, Best Buy stock might be pressured by valuation in the near-term. Longer-term, though, this stock will ride red-hot consumer tech tailwinds to healthy gains.

As of this writing, Luke Lango was long BBY, AMZN, FB, and AAPL.