Abstract. We consider stationary multiscale systems as defined by Basseville, Benveniste, Nikoukhah and Willsky. We show that there are deep analogies with the discrete time non stationary setting as developed by the first author, Dewilde and Dym. Following these analogies we define a point evaluation with values in a C * -algebra and the corresponding "Hardy space" in which Cauchy's formula holds. This point evaluation is used to define in this context the counterpart of classical notions such as Blaschke factors.

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