in daemon/daemon.mk we see that doc/kresd.8 is produced from doc/kresd.8.in as part of the daemon-install target.

This means that if the make invocation sets KEYFILE_DEFAULT or MODULEDIR or VERSION, but the same value is not also set during make install the sed replacements won't have the correct value.

doc/kresd.8 should have an explicit build target that should be a part of the standard make invocation so that it gets the right substitutions.

daemon-install can then take responsibility for installing the generated manpage.