This paper deals with the dynamical analysis of a multi-stage assembly of cyclic structures such as, for example, turbomachinery compressor or turbines. If such assemblies are traditionally modelled stage by stage, the inter-stage coupling effect can sometime be important. As an answer to this issue, we propose a new method which combines a cyclic modelling of each stage with a realistic inter-stage coupling. Study cases are presented to evaluate the efficiency of the method.