The Stocks and Shares ISA is a tax-sheltered account that can make investors significantly better off. Whether through growth or dividend stocks, there’s the potential to build a significant portfolio over time.
That said, the really massive stock market winners tend to be growth shares. And they even have a nickname: multibaggers (those that return a multiple of their original purchase price).
Here, I’ll highlight two shares from my ISA that I see as having multibagger potential.
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Mbappe bounce
The first stock is On Holding (NYSE:ONON), the company behind the premium Swiss sportswear brand. It has done welly, jumping 30% in a month.
Despite the rebound, the stock remains 42% below its January 2025 peak of $60.
The brand’s been in the news recently, after tempting football superstar Kylian Mbappé away from Nike. Together, they will work on a new football boot, which is expected to launch next year.
Clearly, having the reigning World Cup record goal scorer as a brand ambassador is a major coup. The global football boots and apparel market is valued at roughly $70bn.
On is also moving into golf, which is a smaller market but one with more affluent customers, fitting the firm’s premium brand image perfectly. Taken together, football and golf significantly expand the company’s total market opportunity.
In the near term though, high inflation could potentially see more cash-strapped young people trade down to cheaper brands. US tariffs also remain in place.
Taking a longer-term view however, I think the stock deserves attention. By 2029, On is targeting sales of around $7bn, up from $3.7bn last year, with an industry-leading gross profit margin of at least 65% throughout.
Small firm, big potential
Moving on to the FTSE 250, I’m also bullish on Applied Nutrition (LSE:APN). This is a premium sports nutrition brand that designs and sells high-quality protein, pre-workout drinks, and various other supplements.
It has also launched a wellness and beauty range with celebrity Coleen Rooney, as well as high-protein ready meals for people on GLP-1 weigh-loss medications (in partnership with supermarket Morrisons).
