Here’s an investment idea that is literally right under your nose every time you use your mobile phone: Knowles. Most of the company’s revenue comes from tiny microphones and speakers of the kind now used in electronic communications devices, growing out of a 50-year-old hearing-aid business.

Wariness about flagging consumer spending around the world has Knowles caught up in a bout of depressed sentiment that’s seen its stock lose about 30% of its value this year. That drop seems excessive, according to Taesik Yoon, who edits the Forbes Special Situation Survey and Forbes Investor newsletter, and he cites several factors for a long-term bullish view.

For one, the company isn’t quite as consumer-oriented as investors seem to think, and it’s been moving away from commoditized products found in mass-market electronics to more high-performance components used in industries including defense, medical technology and electric vehicles. That helped power a rise in adjusted earnings per share to $1.53 last year from 88 cents in 2017.

Another factor is that although sales for microphones that go into computers have been slowing, they are coming down from a frenzy in 2020-21, when people started working from home in droves after the onset of the Covid-19 pandemic. Knowles’ computing end-market remains stronger than it was in 2019 as an enduring trend in video conferencing requires users to upgrade their equipment.

Yoon also points to new secular growth. Consumers are increasingly demanding gizmos they can talk to: computers, remote controls, household appliances. Another development that plays to Knowles’ strength is its traditional hearing-aid business: the U.S. government has recently approved over-the-counter sales, which should boost the market in part by making it easier for people to begin wearing the units at younger ages.

In addition, Knowles makes ceramic capacitors and electromagnetic interference filters that could benefit from radar-system upgrades, new communications satellites, the buildout of 5G telecom systems and rising use of implantable medical devices.

Knowles has suggested EPS could grow about 50% to more than $2.50 a share by 2025. Based on how depressed he thinks they currently are, Yoon sees even better prospects for the company’s shares, currently trading around $16.50.