Ferrari: Manuale returns; product cadence still has runway

Research evidence excerpt

Ferrari: Manuale returns; product cadence still has runway

Idea

July 5, 2026 11:39 PM GMT

Morgan Stanley & Co. International plc+MFerrari | Europe Edouard Aubin

Equity Analyst

Manuale returns; product Edouard.Aubin@morganstanley.comCedric Norest +44 20 7425-3160

Research Associate

Cedric.Norest@morganstanley.com +44 20 7425-1462

cadence still has runway Morgan Stanley & Co. LLC

Andrew S Percoco

Andrew.Percoco@morganstanley.com +1 212 296-4322

What's new? On Friday evening, Ferrari unveiled the 12Cilindri Manuale, a limited- Daniela M Haigian

edition special series of the 12Cilindri built around its new in-house Manuale By-Wire EquityDaniela.Haigian@morganstanley.comAnalyst +1 212 761-6071

system, bringing back a gated-shifter and clutch-pedal driving experience to a front-

engined Ferrari V12. Ferrari frames the model around the relationship between Ferrari NV (RACE.MI, RACE IM)

driver input, mechanics and control, consistent with the heritage and emotional- Brands | Italy

Stock Rating Overweight

powertrain themes we highlighted as likely to matter most for upcoming launches

Industry View In-Line

(read Chart of the day: when the cover comes off). The car is limited to 1,499 units, Price target €380.00

Shr price, close (Jul 3, 2026) €331.15

starts at €590,000 in Italy (including VAT and before personalisation), is expected 52-Week Range €447.50-269.00

to begin deliveries in 1Q27, and is already fully allocated to Ferrari clients. This Mkt cap, curr (mn) €59,542

Net debt (12/26e) (mn)* €1,420

marks Ferrari’s first road-car launch built around a manual-style driving experience in EV, curr (mn)* €60,967

roughly 14 years, following the final factory manual-transmission Ferrari road car, * = GAAP or approximated based on GAAP

the 2012 599 GTB Fiorano.