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The present paper presents a new modeling approach for null flux axial electrodynamic bearings. Such approach allows defining stability bounds for rotors supported with this type of passive magnetic suspension. The linearized models are developed using the bond graph methodology to better understand the multiphysics nature of the magnetic suspension. The adoption of complex variables together with the bond graph formalism is introduced in order to reduce the complexity of the system's equations. Rules for the use of this approach are established and demonstrated.