plc isn't the only growth stock that could double again

The last five years have been hugely profitable for investors in online fashion retailer Boohoo(LSE: BOO). The company's share price has risen by 240% in that time, with its strong sales and profit growth being rewarded by a higher stock market valuation.

Looking ahead, there could be further growth potential for the business. It seems to have a solid strategy which is delivering strong growth numbers. However, it's not the only stock that could double again. Reporting on Monday was a company which may double again after an 800% gain in the last five years.

Improving outlook

The company in question is EVR Holdings(LSE: EVR). The creator of virtual reality (VR) music content released a positive trading update which showed that 2017 was a transformational year for its business.

For example, it was able to complete a global deal with Universal Music Group and also announced a global partnership with Microsoft. This secured the company's VR music platform's availability to 500,000 Windows 10 customers. There was also a global framework agreement with Sony Music Entertainment, as well as a global partnership with Roc Nation.

Looking ahead, the VR industry could offer growth potential in the long run. VR devices are due to be released by companies such as Facebook and Google in future months. Alongside lower price points, this could drive mainstream adoption of VR technology.

As the proprietor of the world's only VR music platform, this could mean that the company is well-placed to benefit from an upsurge in demand within the industry.

Clearly, EVR Holdings is a relatively small business which is not yet delivering a black bottom line. As such, it's potentially high risk and its shares could be volatile. However, with relatively bright prospects, the share price could continue to rise in future years.

Improving performance

The outlook for Boohoo also appears to be upbeat. The company is expected to deliver a rise in its bottom line of 30% in the current year, followed by further growth of 25% next year and 27% the year after. This puts the stock on a price-to-earnings growth (PEG) ratio of just 1.4, which suggests that it could offer excellent value for money.

With a strong growth track and what is becoming a more diverse business model, the company may offer less risk than many investors realise. It has an international presence and a strategy of investing in its customer offering seems to be gaining traction in what remains a competitive marketplace.

Certainly, there are cheaper retail stocks on offer. Brexit risks seem to have numbed investor sentiment towards the sector, with the UK's economic outlook being relatively uncertain.

However, Boohoo could be an exception and may be able to deliver 100% gains in the medium term after what has been a strong five years for the business.

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Peter Stephens has no position in any shares mentioned. Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool's board of directors. Teresa Kersten is an employee of LinkedIn and is a member of The Motley Fool's board of directors. LinkedIn is owned by Microsoft. The Motley Fool UK owns shares of and has recommended Alphabet (A shares) and Facebook. The Motley Fool UK has the following options: short March 2018 $200 calls on Facebook and long March 2018 $170 puts on Facebook. The Motley Fool UK has recommended Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors.