Right now, the Diageo (LSE:DGE) share price seems to be in a similar position to that of Rolls-Royce just a few years ago.

The engineering giant once looked like a broken business, battered, debt-laden, and deeply out of favour with investors. Then came a new chief executive, a bold strategic reset, and a share price that went on to climb nearly 1,400% in five years.

Today, Diageo could be on the verge of delivering something similar. After falling over 60% from its 2021 peak, a new CEO has taken over, and a strategic reset has just been launched. But with the shares still in the gutter, it looks like investors have almost entirely given up hope.

So is now the time to be a contrarian and buy before…