Two UK shares with over 150% potential upside
A team of City analysts unveils a list of stocks it thinks could double in value – its so-called 100% Club. Graeme Evans reveals the FTSE 250 stocks that make it.
13th October 2026 12:31
by Graeme Evans from interactive investor
A “100% Club” of European high conviction names includes two FTSE 250 index stocks after a City bank flagged price target upsides of more than 150% on Entain (LSE:ENT) and Ceres Power Holdings (LSE:CWR).
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Berenberg's sweep of about 850 companies in its coverage highlights a total of six “outliers” with potential upsides of 100% or more, with the others being outdoor living equipment firm Dometic Group AB (OMX:DOM), satellite names SES SA DR (EURONEXT:SESG) and OHB SE (XETRA:OHB) and property classifieds firm Scout24 SE (XETRA:G24).
It said they were a mixture of re-rating stories where current market expectations have become too bearish or were underappreciated earnings growth names with room for positive surprises.
All the stocks in Berenberg's 100% Club have market capitalisations larger than 500 million euros (£422 million) and are among relatively liquid, high conviction names that it talks to investors about on a regular basis.
Friday's report highlighted a potential upside of 155% on the shares of solid-oxide fuel-cell and electrolyser technology provider Ceres Power.
The stock, which was the tenth most popular on the interactive investor platform in dealings last week, has fallen from more than 800p at the end of May to trade at today's 373p.
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Ceres' solid oxide technology supports greater electrification of energy systems, including AI data centres as well as commercial and industrial applications.
It also produces green hydrogen at high efficiencies as a route to decarbonise emissions-intensive industries such as ammonia, steelmaking, and electrofuels.
An asset-light licensing model has already seen it establish partnerships with companies including Doosan, Delta, Denso, Shell, Weichai, Centrica and Thermax.
Berenberg's case for an upside to 950p comes amid expectations that Ceres is close to signing a new industrial partner for its fuel cell technology.
It adds that licence revenues from existing fuel cell manufacturing partners Doosan, Weichai and Delta Electronics will drive profitability higher from next year.
The bank also highlighted the “phenomenal” share price run that Ceres enjoyed earlier this year, having surged from 212p at the start of 2026 to 844p on 29 May.
This was driven by the read-across to US-listed Bloom Energy after it unveiled solid-oxide fuel cell order wins for rapid US data centre deployment.
Berenberg said this looked like a 20 gigawatt addressable market, with very few players able to deliver on the technology side.
On Entain, the bank said the owner of Ladbrokes, Coral and a 50% stake in BetMGM was “a deep-value story” with several potential catalysts to unlock it.
The sum-of-the-parts price target of 1,147p represents an upside of 169% on today's level, having seen shares slide from 1,000p in August 2025.
The company is currently focused on asset disposals and deleveraging after recently reporting net debt of £3.6 billion at the end of June, equivalent to 3.1 times underlying earnings.
Berenberg notes that the recent sale of a 20% stake in Entain's central and eastern European (CEE) business was at an implied multiple of ten times earnings, whereas the wider group is currently valued at 5.2 times forecast earnings.
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The bank believes there are several more assets, including the 50% stake in BetMGM and the remaining 80% of the CEE business, which if sold will close the valuation gap.
It added: “While the public market is not giving Entain the credit for its strong market positions, industrial buyers and possibly private equity is likely to put a more realistic value on the podium assets.”
Even in a worst-case scenario, the bank has said that the floor for its sum-of-the-parts valuation still offered substantial upside to 770p. Entain is due to post a trading update on Thursday.
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