In recent years, discussing whether Vodafone’s (LSE: VOD) share price could double would have been met with a rather negative reaction by most investors. That’s because the telecoms major has recorded a very disappointing financial performance during the period, with its earnings coming under severe pressure. A key reason for this has been the poor performance of the European economy, to which Vodafone is significantly exposed.

However, with a sound strategy, Vodafone now appears to offer superb capital growth potential. It has invested heavily in its network across Europe and has therefore been able to retain customers as well as attract new ones. Furthermore, Vodafone has broadened the services and products it offers, with it expanding into the UK’s broadband market as well as acquiring discounted assets across Europe.

As a result of these changes, Vodafone is forecast to increase its bottom line by 18% in the current financial year and by a further 29% next year. This means that if Vodafone maintains the same rating, then its shares could be trading over 50% higher within a couple of years. And if Vodafone’s strategy continues to pay off, they could double in value over the medium-to-long term.

Wait and see

Also offering an upbeat forecast is cash and carry specialist Booker (LSE: BOK). Its shares have fallen by 9% since the turn of the year due in part to concerns surrounding the growth rate of the UK economy. As such, Booker’s share price could come under further pressure in the near term – especially as the risk of a Brexit increases.

However, with Booker forecast to increase its bottom line by 13% this year and by a further 10% next year, it remains an above-average growth proposition. The problem, though, is that it trades on a price-to-earnings-growth (PEG) ratio of 1.8 and this indicates that its shares may be fully valued. With them having a narrow margin of safety, it may therefore be worth waiting for a lower share price before piling-in to Booker’s shares.

Long-term pick

Retirement housing specialist McCarthy & Stone (LSE: MCS) has endured a disappointing 2016 thus far. Its shares are down by 12% and this could be due to weakness in the wider housing sector. With investors being concerned at valuations across the UK compared to buyer earnings, there’s a worry that house prices could come under a degree of pressure. That’s especially the case since interest rate rises seem likely over the coming years.

Despite this, McCarthy & Stone has the potential to double over the medium-to-long term. That’s because it trades on a PEG ratio of just 0.3 and this indicates that its shares have the capacity to double in price and still offer good value for money. And with McCarthy & Stone likely to benefit from a demographic tailwind as the number of retirees increases, it could be a sound long-term performer.

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Peter Stephens owns shares of Vodafone. The Motley Fool UK has recommended Booker. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors.