Nope, definitely not the same, here's my story. I have the W40 and my HBW10 gave up at 1 PM (of course) motoring across the gulf of Maine from Nova Scotia this summer. The wind then came up and we were able to sail almost to Rockland before getting towed in. Instead of rebuilding with pricey parts and reliability issues as we were going to the Bahamas I decided on a new transmission. The mechanic that we got basically ordered me the transmission and I put it in as he was too big to fit down there! Anyways I wasn't sure on which ZF replaced it, he called the factory and they told him the ZF10M. When it arrived a few days later it was 1/2" shorter length and 1/2" less high. We figured maybe 35 years newer and they were able to shrink it a bit. I adjusted the motor mounts and pulled the shaft in to make it fit. On water testing the unit it was very hard to shift from reverse to neutral. We were both stumped, he called the factory back, this time they said that it was the wrong transmission, it was supposed to be the ZF12M!!! Took this one out and shipped back, the ZF12 when it arrived was the same size as the HBW10 so that was good. The only difference was the flange, it fit, but is partially solid vice just splines. Lowered the mounts and with great difficulty got the shaft back to the transmission. Also added a water cooler to the unit to keep it running cooler, real easy to do, in fact the same mounting would have fit the old one, might have kept it from dying..... So it is the ZF12 you want. I think the "M" on the end has something to do with either the rotation or gearing I can't remember.
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