Question - Can you derive cost of equity from assumed rental yields

CFA Level II Fixed Income
#1

I have a question and I hope I do not sound silly.

It came across a discussion whether you can get the implied cost of equity from rental yields expected from property companies.

If Rental yield = NOI/MV and P= D(1+g)/(ke-g) under Gordon growth.

Can we assume that MV = P , therefore NOI/Yield = D(1+g)/(ke-g)?

Assuming that price is fairly price and reflect the pure MV of the underlying property of the Company.

#2

NOI is not the same as a dividend yield and depends on other factors. NOI is more equivalent to EBIT. Therefore, you might rather use DCF approach than a DDM approach in rental property valuation. Just mine two cents.