Think of Arnotts, and invariably one thinks of department stores. But for many investors buying Arnotts share is as much a punt on Dublin's burgeoning property market as it is on retailing.

Arnotts is one of the biggest property owners in Dublin's core retailing area (at least for the northside) in Henry Street/Abbey Street, but the last valuation of Arnotts property was done in January 1999 when a net asset value of €6.19 per share was put on its properties.

In a brief preview this week of Arnotts' results next month, Davy analyst Florence O'Donoghue says that a current revaluation of the properties is likely to increase their value in the books by at least 35 per cent - implying a net asset value of around €9.00 a share, compared to the current price in the market of around €6.50.

Davy - admittedly Arnotts' broker - says that this price puts the group on an undemanding rating given the strong recent trading record. Add in the fact that Arnotts is trading on a par with British retailers with far inferior profits records and a likely gross dividend yield of around 3.7 per cent and Arnotts looks like the type of secure investment ideal for long-term, value-seeking investors.