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Well, I was looking through my codex just now and I realized, that most models get a Frost Axe at the same price as a Power Fist. As a Power Fist grants 2x S and AFAIK is AP 2, the Frost Axe only delivers +2S and strikes at the same I and AP, so what's the point? Okay, power armor models get an extra attack for a Frost Axe, but I've noticed nothing else to be to the favor of the Frost Axe...
S8 5A on charge CLEARLY beats S6 6A on the charge(IMO)

Help me out, is there a use for it?

Id go with the power fist. you can take on anything that way.

With a Character that has 4+ Attacks I think the Power Fists wins in such a situation. In my BT I use Axe's instead of Fists on some of my Crusader Squads since if they get melee'd, the chance of them missing their single attack with a 25 point weapon is too much, the two attacks ensures that they more times than not get a single wound in.

Frost axe gets a bonus attack with another CCW. fist doesn't. So for terms, always fist as the SB/combi isn't a CCW. If you have a pistol, you choose between s8 AP2 base attacks, or S6 AP2 base attacks+1, both at initiative 1.

/thread

Basically, the Axe is better against any single wound model that is T4 or less (and multi wound T3 or less), all the time, which is quite a bit of the models in the game. Against T5 it really depends on how many attacks you have to begin with, but 4 S8 attacks and 5 S6 attacks are completely identical. The more base (as in the amount of attacks you get with the PFist) you have, the better the PFist gets. So anything above 4 the Pfist is better, anything below 4 the Axe is better. Against T6 or more...the Fist is pretty much always better.

So really, the Axe is better against a higher majority of models (T4 or less single wound, breaking about even at T5), but when the fist is better, it's generally save your ass better, like against T6+, T4 Multi-wound and Dreadnaughts.